JV announces plans for new retail and apartment development, Addison&Clark across from Wrigley Field
The current site at the southeast corner of Addison and Clark streets in Chicago’s Lakeview neighborhood will soon begin its transformation into Addison & Clark, a $150 million-plus retail and apartment development across the street from Wrigley Field.
A joint venture of M&R Development and Bucksbaum Retail Properties LLC acquired the 2.3-acre site, which is scheduled for completion in 2018.
The project will include 148 luxury apartments and 150,000 square feet of retail commercial space. Demolition of the existing structures on the site will begin in the next 30 to 60 days, with construction of the new transit-oriented development slated to begin immediately after.
A developer and owner in high-profile developments like NEWCITY in Chicago’s Clybourn corridor and The Maxwell in the city’s South Loop, Bucksbaum Retail Properties will co-develop and head up leasing for the 150,000 square feet of commercial retail space located on the first three levels of Addison & Clark.
In addition to a multi-screen theater and full-service health and fitness club, the development will include best-in-class retail and dining options.
Addison & Clark will also include 148 luxury apartments with a mix of studio, one- and two-bedroom floor plans, as well as a full suite of amenities. The new development will have a parking garage with 405 indoor spaces, in addition to being located just a block west of the CTA’s Addison Red Line stop and steps from several major bus routes.
The development is aiming for LEED certification. Addison & Clark will also enhance the streetscape through the addition of widened pedestrian walkways. The residential portion of the development will be set back from the perimeter of the building where Clark meets Addison, leaving a fourth-floor rooftop, featuring foliage and living green elements visible from street level.
Chicago-based Solomon Cordwell Buenz is the architect for the project and the general contractor will be Power Construction.
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