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From left: Tom Moran, senior partner, M&R Development; Mike Quigley, U.S.
Congressman, 5th District; Tony Rossi Sr., president, M&R
Development; Rahm Emanuel, Mayor of Chicago; John Bucksbaum, CEO, Bucksbaum Retail
Properties; Jason Olt, president, Bucksbaum Retail Properties; Tom Tunney, 44th
Ward alderman.
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CHICAGO, IL — A joint
venture of Chicago-based M&R Development and Bucksbaum Retail Properties
LLC announced it has broken ground on Addison
& Clark, a mixed-use development on a 2.3-acre site at the southeast
corner of Addison and Clark streets in Chicago’s Lakeview neighborhood.
Located directly across the street from
Wrigley Field, the transit-oriented development will include 148 luxury
apartments and 150,000 square feet of retail space.
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| Rendering of Planned Addison & Clark Project, Lakeview Neighorhood, Chicago, IL |
City and state officials,
including Mayor Rahm Emanuel, and
Lakeview neighborhood leaders were on hand for the groundbreaking event, where
Addison & Clark’s first retail tenant, a 10-screen luxury CMX movie
theater, was revealed.
“This development will
create hundreds of jobs and generate an economic impact that will touch not
just Lakeview – but create economic opportunities in neighborhoods throughout
the city,” Mayor Emanuel said. “Breaking ground on Addison & Clark means
breaking ground on a stronger future for the city of Chicago.”
“As the Cubs continue on
their unprecedented winning trajectory, the excitement about the changing face
of the area surrounding Wrigley Field is also reaching a fever pitch,” said Anthony Rossi Sr., president of Chicago-based
M&R Development. “With so many construction projects underway near Addison
& Clark, the neighborhood is headed for a retail and residential
renaissance that will add a new level of sophistication to the area while also
growing the city’s commercial tax base.”
A developer and owner of
some of Chicago’s most noteworthy mixed-use developments like NEWCITY in the
Clybourn Corridor and The Maxwell in the South Loop, Bucksbaum Retail
Properties will co-develop and oversee leasing for the 150,000 square feet of
commercial retail space located on the first three levels of Addison &
Clark. In addition to a full-service health and fitness club, the development
will include best-in-class retail, dining and entertainment options.
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| Anthony Rossi Sr. |
Cinemex (operating as CMX),
the seventh-largest cinema chain worldwide with 297 theaters and 2,593 screens,
will anchor the retail portion of the development. This 10-screen, luxury
dine-in movie theater will be the company’s first in the city of Chicago.
In addition to a high-end
cinema experience with plush, reclining seats, the theater will offer a
chef-driven menu via a partnership with Lettuce Entertain You Enterprises, as
well as an expansive selection of customized cocktails. CMX will occupy 30,959
square feet of retail space on the third level, with frontage on Clark Street.
“This will be the first
movie-going experience of its kind situated in the immediate vicinity of
Wrigley Field,” said John Bucksbaum,
CEO of Bucksbaum Retail Properties. “We are thrilled with CMX and what they
will bring to the table in terms of making Addison & Clark a year-round
entertainment destination for neighborhood residents.
Chicago-based Solomon
Cordwell Buenz is the architect for the project, while Chicago-based Power
Construction will serve as general contractor.
For a complete copy of the company’s news release,
please contact:
Sara Williams,
swilliams@taylorjohnson.com, (312) 267-4510
Kim Manning,
kmanning@taylorjohnson.com, (312) 267-4527
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