CHICAGO — A joint venture between Chicago-based Structured Development and Wilton, Conn.-based Commonfund Realty has acquired the 8.2-acre New City YMCA site, located at 1555 N. Halsted St. in Chicago, for $54 million. The property currently features baseball fields, and a 50,000-square-foot building that was used as a recreation and daycare center. The site was acquired by the joint venture for the development of NewCity, a $270 million, 1 million-square-foot mixed-use development. NewCity will be built around a 60,000-square-foot park and plaza, and will feature 375,000 square feet of retail and up to 490 residential units. Demolition of the site will take place within the next 60 days, with construction set to begin in spring 2008. The first retail deliveries are expected in fourth-quarter 2009, with residential deliveries following shortly after. Vernon Schultz and Michael Senner of Rosemont, Ill.-based Colliers Bennett & Kahnweiler represented the seller, YMCA of Metropolitan Chicago.
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