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CHICAGO-Structured Development LLC, based here, and Commonfund Realty Inc., based in Wilton, CT, unveiled plans last week for the New City mixed use development. The one-million-sf development is at the site of the former New City YMCA, at the corner of Halsted Street and Clybourn Avenue. YMCA of Metropolitan Chicago sold the 8.5 acre site to the developers for an undisclosed sum.

“The New City YMCA is arguably one of the best sites in the entire country,” says Michael Drew, co-founder of Structured Development. The developers liked the site because of the area’s demographics and that it is adjacent to the North-Clybourn retail corridor where the locations of national retailers such as Home Depot, the Container Store, Whole Foods and Crate & Barrel are “near the top, or at the top, of the national average,” he says.

New City will have five buildings ranging in height from four stories to 25 stories and a one-acre public plaza. Three of the buildings will be mixed-use buildings with two four-story residential buildings. “Part of it was the price of the land was very expensive; that necessitated a mixed-use development,” Drew says.

There will be a total of about 370,000 sf of retail in the three mixed-use buildings. The retail will be anchored by Roundy’s Supermarkets Inc., based in Milwaukee, which will have 80,000 sf on two stories in one of the mixed-use buildings. “It will be their first (location) in Chicago,” Drew says. The development is expected to also have “restaurant and entertainment venues as well as a variety of small specialty stores,” according to a released statement. The asking lease rate will be $50 to 60 per sf, triple net, for the ground floor and $35 per sf, triple net, for the second floor, Drew tells GlobeSt.com. Retail leasing will be managed by Mid-America Real Estate Group, based here, and RFK Retail Property Advisors, based in New York, NY.

The development will have approximately 490 residential units with an average unit size of about 1,000 sf. The developers have not decided yet if the residential units will be condominiums or apartments. If the units are condominiums, they will be sold for approximately $400 per sf and, if the units are rental, they will have a monthly rent between $2.30 per sf to $2.50 per sf, Drew tells GlobeSt.com. About 10% of the units will be designated for low-income housing and 10% will be designated as affordable housing. There will be 400 parking spaces below-grade for residents. There will also be a five-story parking garage with about 90 parking spaces for residents and 700 parking spaces for shoppers.

Construction is expected to begin in September with estimated completion in 2010. OKW Architects, based here, is designing the project.

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