"The New City YMCA is arguably one of the best sites in theentire country," says Michael Drew, co-founder of StructuredDevelopment. The developers liked the site because of the area'sdemographics and that it is adjacent to the North-Clybourn retailcorridor where the locations of national retailers such as HomeDepot, the Container Store, Whole Foods and Crate & Barrel are"near the top, or at the top, of the national average," hesays.

New City will have five buildings ranging in height from fourstories to 25 stories and a one-acre public plaza. Three of thebuildings will be mixed-use buildings with two four-storyresidential buildings. "Part of it was the price of the land wasvery expensive; that necessitated a mixed-use development," Drewsays.

There will be a total of about 370,000 sf of retail in the threemixed-use buildings. The retail will be anchored by Roundy'sSupermarkets Inc., based in Milwaukee, which will have 80,000 sf ontwo stories in one of the mixed-use buildings. "It will be theirfirst (location) in Chicago," Drew says. The development isexpected to also have "restaurant and entertainment venues as wellas a variety of small specialty stores," according to a releasedstatement. The asking lease rate will be $50 to 60 per sf, triplenet, for the ground floor and $35 per sf, triple net, for thesecond floor, Drew tells GlobeSt.com. Retail leasing will bemanaged by Mid-America Real Estate Group, based here, and RFKRetail Property Advisors, based in New York, NY.