December 27, 2008 - At least one super-sized Chicago real estate development has plans to start construction by mid 2009. Structured Development LLC won approval last year for the 8.5 acre project along Clybourn and Halsted that had included 480 Chicago condos. The developer has since revised plans and scaled the number of units down to 280 and switched to rental apartments, according to the Sun Times. The complex will go up on the site of the former New City YMCA.

Structured Development is partnering with Commonfund Realty Inc. and providing about 40% of the estimated $200 million cost of the project which will make it easier to secure the rest of the financing from another lender. The 1515 N Halsted complex will have six buildings, the tallest of which will be the 19 story tower with the 280 apartments. A 1,250 space parking garage plus more tan 500,000 square feet of retail and commercial space is planned. There will also be green space set aside outside for both residents and the public to enjoy.

Structured Development has confirmed that nearly 60% of the commercial space is already leased, and the biggest tenant will be an 80,000 square foot Roundy’s Supermarket. Other tenants are said to be a fitness club, some restaurants and a clothing store.

The growing trend among developers is still to build more Chicago Apartments than condos at this point. But even with the planned rental developments in the works, we could still see a number of smaller condo developments take shape if the market manages to rebound this coming year.

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