LINCOLN PARK — The developer behind New City was recognized for building the $275 million mega-complex on the southern end of Lincoln Park.
Structured Development and its partners on the project, Power Construction and OKW Architects, won the "Development of the Year" award at the 28th annual Chicago Commercial Real Estate Awards for New City, 1500 N. Clybourn Ave.
"The project was in its infancy as the recession took hold and the team, led by Structured Development, stuck with its vision through one of the worst financial crises to hit the commercial real estate industry," the news release read.
The result is a massive complex complete with 380,000 square feet of retail space, a 1,100-car parking garage, a 19-story tower with 199 apartment units and nearly two acres of open space.
“This award is a big milestone for Structured Development and the NEWCITY community,” said Structured Development's founding principal Michael Drew in a prepared statement.
“We are thrilled to continue playing a key role in revitalizing the area."
The awards benefit the Greater Chicago Food Depository.
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