Bucksbaum Retail Properties LLC, Structured Development LLC and institutional investors advised by J.P. Morgan Asset Management have begun construction on New City, a mixed-use project located at the intersection of Clybourn and Halsted streets.
The project will encompass 8.5 acres and will feature 360,000 square feet of retail space and a 200 rental unit residential tower with 16 levels.
DICK’s Sporting Goods will be an anchor tenant followed by a roster of first-to-market entertainment and restaurant concepts such as ArcLight Cinemas, Earls Kitchen + Bar, Kings Bowl and upscale grocer, Mariano’s, which will be the largest one in the city of Chicago. Chicago-based Power Construction has been retained as general contractor for the project.
New City will be the second downtown location for DICK’s Sporting Goods.
“We look forward to having DICK’S Sporting Goods be part of the New City development and to providing our outstanding customer experience to the Chicago community,” said David Stanchak, senior vice president of real estate, DICK’S Sporting Goods.
The New City development signals a number of benefits for the City of Chicago and the ever-growing Clybourn Corridor, which bridges the downtown area with the neighborhood of Lincoln Park. The large-scale project will generate approximately 500 new construction jobs over a two-year period. Additionally, 300 to 400 new jobs will be added in the service, retail, maintenance, management and medical fields.
No tax increment funds will be used for the project. New City will contribute incremental real estate taxes to the Near North TIF district, as well as an estimated $12 million to $15 million in annual sales tax revenue. New City will offer nearly two acres of open public space with a water fountain at the center of its plaza surrounded by landscaped outdoor seating areas. Landscaped areas will also be utilized for seasonal programs and community activities.
New City also formed a partnership with local neighborhood organization By The Hand Club for Kids. To kick off the partnership, New City made a $5,000 donation to the organization at the groundbreaking ceremony.
“By The Hand Club is very grateful to New City for not only its financial contribution but also for the great impact it is making on the economy and lives of the residents who live here, many of whom are the same that By The Hand has worked with for the past 12 years,” said Donnita Travis, founder and executive director of By The Hand Club For Kids.