LOGAN SQUARE — The long-awaited project to replace the Megamall on Milwaukee Avenue is set to begin demolition within the next month.
The project, known as Logan's Crossing, will reshape a lengthy stretch of Milwaukee southeast of the neighborhood's square with 240 residential units and a significant amount of retail.
The developer of the project is also nearing leasing deals with two major businesses to anchor the project, a grocery store and a fitness center.
Scott Gendell, founder and president of developer Terraco said he is close to finalizing deals for a 42,000-square-foot grocery store and a 40,000-square-foot fitness center.
"We are well into our lease negotiations and just crossing the t's and dotting the i's," Gendell said.
The developer did not divulge names of the businesses.
The retail portion of the project is more than 113,000 square feet.
Construction of the development will likely start in late October or early November, and the first tenants will move in 18 months after the start of construction, according to Gendell.
The developer first proposed the project about a year ago, but the plan underwent a total overhaul in September after criticism from neighborhood groups.
Logan's Crossing will include two buildings on a 2.7-acre lot connected by a sky bridge, a north building that is about 69 feet and a southern building that is 83 feet.
The plans that were unveiled last September have not changed, according to Gendell.
The development also include 313 off-street parking spaces, the majority in a garage below the residential units.
The Megamall, a longtime indoor flea market, was sold to Terraco Real Estate in September 2014.
The project is estimated to cost more than $100 million and will mark the end of Megamall's 20 years of existence in Logan Square.
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