New Big-Box Shopping Center Coming Near Goose Island

CHICAGO (CBS) -- Two new big-box stores are coming to the edge of the Clybourn Corridor, near the Lincoln Park area Whole Foods store, according to a published report.

Crain's Chicago Business reported Friday that a new PetSmart store, and a Buy Buy Baby store, have signed leases for a combined total of 45,000 square feet of space in a building just now getting under construction at 1415 N. Kingsbury St.

Crain's reports a $14 million loan for the new shopping center closed in January, and construction began this week. The building should be finished by October, Crain's reported.

Buy Buy Baby is a sister store to Bed, Bath and Beyond, and presently has six suburban locations. The Kingsbury Street location will be the first in the city, Crain's reported.

PetSmart is set to take over about 18,000 square feet, which leaves 8,600 square feet in the new shopping center that still need a tenant, Crain's reported.

Located just across the North Branch Canal from Goose Island, the area where the new shopping center is being built is a largely industrial district that for many years was in the shadow of the high rises of the Cabrini-Green public housing development.

Until the 2000s, retail development in the neighborhood was largely limited to the area north of North Avenue. The only exception was the popular nightlife district along Weed Street.

But development has taken off south of North Avenue since Whole Foods opened its megastore at 1550 N. Kingsbury St. in 2009. The new store replaced the city's first Whole Foods, which had been located since 1993 in a shopping center at 1000 W. North Ave. near Clybourn and Sheffield avenues.

Nearby, Crain's reported, Target paid $8.8 million late last month in a deal for a parcel at Clybourn Avenue and Larrabee Street, as part of a land shop with the Chicago Housing Authority. The CHA took the site just after Target bought it, and in turn gave Target the land at the northwest corner of Division and Larrabee streets where a new store is planned.

The CHA told Crain's Clybourn Avenue site, which had been home to the White Way Sign company, will be part of the redevelopment of the Cabrini-Green area. But it is not clear exactly how.