New City YMCA site in play

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.

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