A joint venture of M&R Development and Bucksbaum Retail Properties LLC has announced it has acquired a 2.3-acre site at the southeast corner of Addison and Clark streets in Chicago’s Lakeview neighborhood. This acquisition marks the next step in transforming the property into Addison & Clark, a mixed-use development directly across the street from Wrigley Field.
Scheduled for completion in 2018, the project will include 148 luxury apartments and 150,000 sq. ft. 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 lot of great things are happening both inside and outside Wrigley Field, said Anthony Rossi, Sr., president of Chicago-based M&R Development in a news release. “Just as the Cubs are projected to have one of their best seasons in history this year, we feel Addison & Clark will hit it out of the park, too, raising the bar for residential and retail options in the area.”
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 sq. ft. of commercial retail space located on the first three levels of Addison & Clark. There will be a multi-screen theater and full-service health and fitness club, along with retail and dining options.
“Lakeview is a neighborhood steeped in tradition, so we have designed Addison & Clark to complement both the existing offerings in the area and planned additions to the neighborhood coming from the Cubs’ continued investment in the redevelopment of Wrigley Field,” said John Bucksbaum, CEO of Bucksbaum Retail Properties. “Together, these projects will continue to establish Wrigleyville as a 24/7 365-day-a-year destination.”
In addition to commercial space, Addison & Clark will include 148 apartments. The project will also include a parking garage with 405 indoor spaces.
The transit-oriented development will utilize numerous environmentally conscious products and practices in order to be eligible for LEED certification, the developers say. 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.
“Not only is Addison & Clark poised to revitalize this historic intersection but it will bring hundreds of jobs to the neighborhood – both during construction and once the project is completed,” said Rossi.
Chicago-based Solomon Cordwell Buenz is the architect for the project and the general contractor will be Power Construction.
“Addison & Clark’s prime location, combined with foot traffic from the three million baseball fans who visit the neighborhood each year, will make this development a real game changer,” said Bucksbaum.