Structured Development’s NEWCITY Mixed-use Project Wins “Development of the Year” at 28th Annual Commercial Real Estate Awards
CHICAGO (April 5, 2016) – Chicago-based Structured Development recently received the “Development of the Year” award recognizing its NEWCITY mixed-use development during the 28th Annual Greater Chicago Food Depository Commercial Real Estate Awards banquet. The awards celebrate outstanding achievements in commercial real estate.
The Chicago Commercial Real Estate Awards acknowledged Chicago’s outstanding architects, brokers, developers, property managers, interior contractors and design professionals. One of the city’s most-respected awards ceremonies for the commercial real estate industry, the awards dinner is also a benefit for the Greater Chicago Food Depository, Chicago’s food bank. The very nature of these awards helps to build a better Chicago.
Accepting the “Development of the Year” award was J. Michael Drew, founding principal of Structured Development, and Jeff Geier, executive vice president of Power Construction.
“This award is a big milestone for Structured Development and the NEWCITY community,” said Drew. “Mostly, we are humbled by this win as there were so many exceptional nominees. Our goal with NEWCITY was to create a one-of-a-kind, sustainable development designed to enhance the surrounding neighborhood with new retail and entertainment options. The “Development of the Year” award validates our confidence in the significance of this community.”
NEWCITY is an urban mixed-use development located on 8.5 acres at the intersection of Clybourn Avenue and Halsted Street in Chicago’s Lincoln Park neighborhood. Formerly home to a YMCA that served Cabrini Green and the surrounding area, NEWCITY boasts over 390,000 square feet of retail/commercial space, 199 LEED Gold certified rental apartments, a 1,000-car parking garage, and nearly 2 acres of landscaped open space.
The “Development of the Year” award is testament to the commitment of the NEWCITY development team. The project was in its infancy as the recession took hold and the team, led by Structured Development, stuck with its vision through one of the worst financial crises to hit the commercial real estate industry.
“We always recognized NEWCITY as a forward-thinking project,” said Drew. “The relentless determination of the team and the trust in our original vision were key factors in delivering one of the most impactful projects of the decade. We played a leading role in creating this ‘city within a city’ and we have a lot of supporting players to thank, from the City of Chicago and 27th ward alderman Walter Burnett, Jr., to the hundreds of men and women who worked tirelessly to make NEWCITY a reality.”
According to Drew, NEWCITY stands as the benchmark in re-defining mixed-use development while the effect on the surrounding community goes well beyond the borders of the site.
“The renewed interest in development along the Clybourn corridor is electric,” said Drew. “We are thrilled to continue playing a key role in revitalizing the area,” said Drew.
About Structured Development
Structured Development is a Chicago-based real estate development company formed in January 2002 to pursue unique real estate development opportunities. Leveraging its vast experience in the real estate market, Structured Development engages in complex real estate transactions which include a variety of property types including commercial/retail, historic, industrial, and mixed use including residential.
About The Greater Chicago Food Depository
The Greater Chicago Food Depository, Chicago’s food bank, is a nonprofit food distribution and training center providing food for hungry people while striving to end hunger in our community. The Food
Depository, founded in 1979, makes a daily impact across Cook County with a network of 650 pantries, soup kitchens, shelters, mobile programs, children’s programs, older adult programs and innovative responses that address the root causes of hunger. Last year, the Food Depository distributed 66 million pounds of shelf-stable food, fresh produce, dairy products and meat, the equivalent of 150,000 meals every day.
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