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.

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.