New City LLC, a joint venture of Chicago-based Structured Development and Maxel New City LLC, a subsidiary of Bucksbaum Retail Properties LLC, have closed on the purchase of an 8.2 acre site located at Halsted Street and Clybourn Avenue in Chicago’s North/Clybourn retail district. The site is the location of New City, a mixed-use development that will feature 370,000 square feet of retail space and 280 residential rental units.
Structured Development is an LLC controlled by its principals J. Michael Drew and Daniel Lukas, while Maxel New City LLC is an entity controlled by John Bucksbaum, former CEO of General Growth Properties.
The closing is the next step in bringing the $230 million New City mixed-use retail and residential development to fruition. New City received approval through the planned development process in 2008 and now expects to break ground later this year with an anticipated opening in 2014.
One retailer already secured for the New City development is Milwaukee-based Roundy’s Supermarket’s Inc. Roundy’s will operate an 80,000-square-foot Mariano’s Fresh Market at New City.
