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If you've been in the vicinity of Clark and Addison this year, you've seen the construction activity around the Friendly Confines. And it's about to get busier. Demolition for Addison & Clark, a $140M mixed-use JV between M&R Development and Bucksbaum Retail Properties, begins June 15.
The development is nearly a decade in the making. Plans to redevelop the site were in the works as early as 2007 but foreclosure suits and failed financing stalled the development before M&R and Bucksbaum joined forces. M&R made several changes to the project when it became clear the Ricketts family would build a hotel on the site where the Wrigley Field McDonald's used to stand.
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Walk along Addison today and you'll find many of the storefronts are already empty, as they knew demolition would happen at any moment. M&R Development president Tony Rossi Sr (snapped during our recent multifamily summit) says Bucksbaum is the perfect partner, as its retail expertise is a solid complement to M&R's residential know-how.
Construction will take two years and will align with the Cubs' ongoing renovation plans. When Addison & Clark is delivered, it will contain 148 apartments ranging from studios to two-bedroom units, 146k SF of commercial space and 405 indoor parking spaces.
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