Crains reported today that a 0.93-hectare hunk of Addison Street directly across from Wrigley Field will finally become the nightmarish eyesore in the neighborhood the Ricketts family always wanted:
The deal was completed after two foreclosure suits against the seller of the site, Steven Schultz of Preferred Equities, were resolved, Rossi said.
By gaining control of the 2.3-acre site, the M&R venture is on the verge of starting a development first announced by Schultz in 2007, before a real estate crash and foreclosure suits stalled the project.
The development, formerly known as Addison Park on Clark, will cost more than $150 million and include 148 luxury apartments, 405 parking spaces and 150,000 square feet of retail. The retail space will include a movie theater, fitness club and restaurants...
Yeah, but it's huge, it doesn't look like anything around it, and it barely improves upon the vacant buildings and parking lots that occupy the site right now.