M&R Development, Bucksbaum Hold Groundbreaking Ceremony For Addison & Clark
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Influential local politicians joined real estate power players on a baking hot Wrigleyville parking lot for the official groundbreaking ceremony for Addison & Clark, the $140M mixed-use TOD from M&R Development and Bucksbaum Retail Properties. When completed, the project across the street from Wrigley Field will contain 148 luxury apartments and 150k SF of retail.
Pictured: M&R Development senior partner Tom Moran; Congressman Mike Quigley; M&R Development president Tony Rossi Sr.; Mayor Rahm Emanuel; Bucksbaum Retail Properties CEO John Bucksbaum; Bucksbaum Retail Properties president Jason Olt; and Ald. Tom Tunney (44th).
Snapped: Mayor Rahm Emanuel and Bucksbaum Retail Properties CEO John Bucksbaum chatting prior to the groundbreaking ceremony. The mayor called Addison & Clark a great example of the types of development Chicago's TOD Ordinance is intended to encourage. Emanuel added that Addison & Clark's impact will promote economic development beyond its Lakeview location. The Mayor and Ald. Tunney announced the development team will donate $250k to renovate nearby Juniper Park, another benefit for the community.
John says the groundbreaking is a momentous occasion years in the making. M&R, led by Tony Rossi's efforts, has been trying to build apartments on the site since 2006. Bucksbaum got involved in 2013. John says he and Tony both knew the site's previous owner, and it was a natural fit to join forces to buy and redevelop the 2.3-acre site. M&R will manage the multifamily portion, while Bucksbaum will handle the retail end.
Bucksbaum announced its first retail tenant at the ceremony: a 10-screen luxury movie theater by Mexican cinema chain Cinemex, operating under the CMX brand. Bucksbaum president Jason Olt (right, with M&R senior partner Tom Moran) said it was an easy decision. Cinemex is already making inroads into the Chicago market (it's opening a multiplex at Skokie's Old Orchard Shopping Center next May) and the company came to Bucksbaum with a partnership with Lettuce Entertain You Enterprises in place. LEYE will provide food and drink services for the theater when it opens.