M&R Development and Bucksbaum Retail Properties officially broke ground Aug. 4 on Addison & Clark, the anticipated new apartment and retail development across the street from Wrigley Field in Chicago’s Lakeview neighborhood.
In addition to launching the start of construction, the joint venture also revealed Addison & Clark’s first secured retail tenant– a 10-screen luxury Cinemex (CMX) dine-in movie theater, which will be the company’s first in the city of Chicago. CMX is a Mexico-based cinema brand and the seventh-largest cinema chain worldwide with 297 theaters and 2,593 screens. With a strong focus on the customer experience, the brand is not only offering plush, reclining seats, but it has also partnered with Lettuce Entertain You Enterprises to offer food and a variety of customized cocktails.
The development, which sits on a 2.3-acre site, will feature 148 luxury apartments and 150,000 square feet of retail space. CMX will occupy 30,959 square feet of retail space on the third floor facing Clark Street. Apartment units will range from studios to two-bedrooms, where residents will have access to a 5,715-square-foot indoor clubhouse and 8,746 square feet of outdoor space featuring a pool and spa on the fourth-floor amenity deck. Indoor amenities include a community kitchen and event room, fitness center with a sauna and steam room, and a cyber cafe with a business center. In addition, a Pressbox dry cleaning pick-up and delivery service will be on hand.
In an attempt to help ease congestion in the area, the development will have a total of 405 indoor parking spaces–341 of which will be available to the public on Clark street. Residents on the other hand will have access to a private underground garage with 64 reserved parking spaces and an elevator leading up to each apartment floor.
City and state officials, including Mayor Rahm Emanuel, attended the groundbreaking ceremony where they announced the creation of hundreds of jobs due to the new project. An estimated 200 construction jobs, 400 permanent jobs and more than $7 million in annual city, state and federal taxes are said to be generated by the project.
John Bucksbaum, CEO of Bucksbaum Retail Properties, said that as the Cubs’ owners continue to invest in the redevelopment of Wrigley Field and its surrounding attractions, area residents and visitors are increasingly expecting more diverse shopping and entertainment options to fill the off-season void.
“The retail options we’re exploring and finalizing for Addison & Clark will usher in a new line-up of 365-day-a-year retailers while also attracting patrons to existing local establishments in this area of Lakeview,” Bucksbaum added.
Developers will use environmentally-friendly products and practices throughout the project in an effort to reach LEED Gold certification– one way is by adding green roof elements surrounding the amenity deck. In addition, Addison & Clark will look to enhance the streetscape by widening pedestrian walkways.
Chicago-based Solomon Cordwell Buenz is the architect for the project, while Chicago-based Power Construction will serve as general contractor.