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CHICAGO-Sears Holding Co. has partnered with Magellan Development Group and Sierra Realty Advisors to develop a $50 million mixed-use project in the city’s Ravenswood neighborhood on the North Side, near the corner of Lawrence and Ravenswood avenues. The site, the retailer’s parking lot, will include a supermarket, health club and a relocated Sears auto center – pending various city approvals.

An earlier proposal for the property had included retail and an 11-story condominium building, but the economy has forced the postponement of the multifamily, according to Magellan VP of development Brian Gordon. “The vacant portion of the site may be used for residential under more favorable economic circumstances,” he says. If approved, the retail project could be finished by spring 2012, he says.

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