Behind The Development: New City
How do you craft a tenant mix in a mature shopping area like North/ Clybourn, where national retailers see sales/SF among the top in the US? Find what's lacking, like entertainment, restaurants, and public space, Structured Development founding principal and New City developer Mike Drew tells us. The 1M SF mixed-use project (a JV with Bucksbaum Retail Properties and JPMorgan Asset Management) is luring first-to-market entertainment tenants (including 40k SF of unique dining options) paired with 60k SF of active public space (for farmers markets, concerts, etc.) promoting foot traffic. ArcLight Cinemas was a key early tenant for its premium theater experience, and Kings Bowl followed with its focus on corporate outings and family friendly fun (perfect for the neighborhood's overpopulation of briefcases and strollers).
Mariano's (Chicago's hottest grocer), and Dick's (a sporting goods experience complete with indoor track and pick-up basketball) have signed on, and restaurants will include Earl’s Kitchen out of Canada and Good Stuff Eatery. “You can get almost anything online, but entertainment fills that basic human need for social interaction,” Mike says. (Need guaranteed eye contact with another human. Go to Dick's and walk the wrong way on the track.) New City (including 200 apartments and 30k SF of medical office) is slated for delivery fall 2015. Mike spent the weekend playing in a father/son golf tournament and says this beautiful weather is also encouraging for construction (this week's update above).