LINCOLN PARK — Structured Development, the developer behind the massive New City complex, recently sold one of its huge properties across the street, Blackhawk on Halsted, to foreign investors represented by LaSalle Investment Management for $130 million.
Michael Drew, founding principal of Structured Development, said his team plans to use the money toward a new project at the corner of Kingsbury and Blackhawk streets, the former home of TV commercial production company Big Deahl Productions, 1450 N. Dayton St.
The roughly $100 million project calls for a four-story building with 200,000 square feet of retail space, parking for about 500 cars and possibly homes if the Clybourn Corridor were to open up to residential development, Drew said. His team is aiming to complete the project in 2018.
Blackhawk on Halsted, 1460 N. Halsted St., houses outdoor apparel store REI, medical offices, The Tile Shop and the British School of Chicago.
Drew said his team sold the building "in response to the current market."
"Anytime you have avid interest from a number of investors, including foreign institutional investors, it is proving that the valuation is very solid," Drew said.
Structured Development bought the 224,000-square-foot Blackhawk on Halsted site in 2006 from TruServ Corp., which is now known as True Value Co.
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