Crain’s is reporting, behind its paywall, that John Bucksbaum, former CEO of General Growth Properties, is bidding for the former New City YMCA site at Halsted and Clybourn.
According to Crain’s, the current owners, Structured Development and Commonfund, acquired the property for $54.7 million in 2007 and are in default on a $43.2 million mortgage.
The 8.2-acre site (outlined above) could accommodate 370,000 square feet of retail space, 400 residential units and 900 parking spaces.
This would be an ideal site for a DePaul basketball arena!
Humph! Figures! Always the same in that city and on the citys’ northside. No builders’ ever think to provide for ‘Working’ adults with lesser incomes on that side of town. So thus, the citys’ pattern of “Separation of Ethnicity By Means of Price-Out’s” continues as planned. No wonder so many ex-Chicagoans are elated to have left that city of atrocities.