LINCOLN PARK — The city's largest development under construction, New City, is rising from the ground at a pace of $10 million to $12 million per month.
The 8½-acre project is 80 percent leased and on schedule for a Sept. 1, 2015, grand opening, according to Michael Drew, principal at Structured Development.
The project, which will include 380,000 square feet of retail space, a 1,100-car parking garage and a 199-unit apartment building, is the largest Structured Development has ever undertaken.
Paul Biasco discusses when Chicagoans may be able to start signing leases in the development:
The plans include a 14-screen movie theater, a Mariano's grocery store, a bowling alley and a Dick's Sporting Goods store.
Structured Development partnered with Chicago-based Bucksbaum Retail Properties on the $260 million project.
Drew said he was excited about the future of the neighborhood surrounding the site near Clybourn Avenue and Halsted Street.
"I've been bullish on this neighborhood for 30 years now, and it's perfectly logical that the retail development that occurred basically along North and a portion of Clybourn would be moving south and east," he said.
There are about 180 construction workers on the site daily; that number will peak at 300 workers when tenants begin constructing the interiors of their spaces, according to Drew.
The 16-story residential tower is expected to start leasing in August 2015.
Drew's previous projects in the area have included The British School, the Borders development at North Avenue and Halsted Street, and Kendall College.
The developer credited 27th Ward Ald. Walter Burnett for supporting development in his ward.
"He is very consistent with his approach to the ward," Drew said.
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