The Chicago Plan Commission approved a proposal from M&R Development to build a $140M mixed-use complex. The development is separate from ongoing Wrigley Field renovations, but the two projects along Clark and Addison will complement each other.

M&R's plans call for an eight-story building containing 170k SF of retail, 148 apartments, a health club, 493 parking spaces and a rooftop pool. Several businesses on Addison between Clark and Sheffield are slated for demolition for the project. Some have already shuttered, reports DNAInfo.

The development was originally approved five years ago and included a hotel component, but M&R went back to the drawing board when the Cubs' owners, the Ricketts family, announced their own plans for a hotel near the Friendly Confines. Construction is expected to last 18 to 24 months, and M&R would have to coordinate working on the site so it doesn't interfere with the Cubs' renovations and baseball season. [DNA]