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Plans Unveiled for $270M Mixed-Use Project

CHICAGO-Plans were recently unveiled for a project at the 8.5-acre site of the New City YMCA, at the intersection of Halsted Street and Clybourn Avenue.

By Gina Kenny | Updated on April 07, 2007

CHICAGO-Structured Development LLC, based here, and Commonfund Realty Inc., based in Wilton, CT, unveiled plans last week for the New City mixed use development. The one-million-sf development is at the site of the former New City YMCA, at the corner of Halsted Street and Clybourn Avenue. YMCA of Metropolitan Chicago sold the 8.5 acre site to the developers for an undisclosed sum.

“The New City YMCA is arguably one of the best sites in the entire country,” says Michael Drew, co-founder of Structured Development. The developers liked the site because of the area’s demographics and that it is adjacent to the North-Clybourn retail corridor where the locations of national retailers such as Home Depot, the Container Store, Whole Foods and Crate & Barrel are “near the top, or at the top, of the national average,” he says.

New City will have five buildings ranging in height from four stories to 25 stories and a one-acre public plaza. Three of the buildings will be mixed-use buildings with two four-story residential buildings. “Part of it was the price of the land was very expensive; that necessitated a mixed-use development,” Drew says.

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