New City, a major development that will extend the Clybourn Corridor south of Lincoln Park, has languished for years.
Yesterday Chicago Real Estate Daily reported that the project signed another anchor tenant and secured $182 million in financing to move forward. A 59,000 square foot Dick’s Sporting Goods will join an 82,000 square foot Mariano’s and a 52,000 square foot ArcLight Cinemas as lead tenants.
Plans for the development include 360,000 square feet of retail space, 40,000 square feet of medical office space, a 19-story, 199-unit apartment tower and an 1,100 car parking garage.
Site prep work was already underway when I stopped by yesterday.
The intersection of North Ave, Clybourn Ave and Halsted St is already one of the most congested on the north side. Another major development, zoned for up to 550,000 square feet of retail, is also in progress just west of New City.
Will traffic experience complete gridlock when these projects are complete?