The new Addison & Clark development, formerly known as Addison Park on Clark, will begin demolition in the next couple months. View Full Caption Provided/M&R Development

WRIGLEYVILLE — After years of delay, developers are moving forward on a $140 million project next to Wrigley Field that will further change the look of the area surrounding the ballpark.

With this week's acquisition of the final needed tract of land for the project, demolition will begin in the next two months on the project just south of Wrigley Field along Addison and Clark streets.

Construction is expected to begin immediately after the site is clear and will take about two years, developers said Monday. While the project has been known as Addison Park on Clark for years, developers introduced it Monday as Addison & Clark.

"Just as the Cubs are projected to have one of their best seasons in history this year, we feel Addison & Clark will hit it out of the park, too," said Anthony Rossi, president of the Chicago-based M&R Development.

M&R Development is partnering with Bucksbaum Retail Properties, which will oversee leasing the commercial retail space on the first three levels of the development.

The final step — acquiring a 2.3-acre site at the southeast corner of Addison and Clark — was stalled by a foreclosure lawsuit that has since been resolved. That purchase was finalized this week.

First mention of the project came in 2007, when a different investor, Steven Schultz of Preferred Properties, pitched the idea to Ald. Tom Tunney (44th), according to Crain's Chicago. Plans fell through because of failed financing, and Schultz was hit with the foreclosure lawsuit in 2011.

While City Council approved the M&R Development plans in 2013, it took longer than expected to acquire financing and fine-tune the project, Tunney staffers have said in recent months.

In December, M&R Development released new renderings of the project just as Goose Island Wrigleyville closed its doors for good.

Starbucks closed its doors at 1023 W. Addison St. at the end of January. A new Wrigleyville Starbucks will open nearby in April inside the former Harry Caray's Tavern, 3551 N. Sheffield Ave.

Other businesses that will vacate include Salt & Pepper Diner, 7-Eleven, Red Ivy and Mullen's on Clark. Bar Louie already closed, and iO Theater moved to Lincoln Park in 2014.

New renderings released Dec. 18 show the exterior view of Addison Park on Clark across from Wrigley Field. [Provided/44th Ward]

The mixed-use development will include 148 luxury apartments and 150,000 square feet of retail. As a transit-oriented development, it requires less parking, but will have 493 spaces. Plans also include a rooftop pool, multi-screen theater and a health club.

The plans "complement both the existing offerings in the area and planned additions," said John Bucksbaum, CEO of Bucksbaum Retail. "Together, these projects will continue to establish Wrigleyville as a 24/7, 365-day-a-year destination."

Luis Auto Repair, 1031 W. Addison St., and Sports World, 3555 N. Clark St. should remain open and separate from the Addison & Clark project.

New renderings released Dec. 18 show an updated design for the $140 million mixed-use development. [Provided/44th Ward]

Construction is expected to take about two years, meaning it will require coordination with the Cubs season and ongoing Wrigley Field renovations.

Meanwhile, at the northwest corner of Clark and Addison, the Wrigleyville McDonald's was demolished Monday to make way for a hotel, which is a separate and unaffiliated project.

With work ongoing at Wrigley Field, the intersection could have construction at three corners for the next several years.

RELATED:

• This $140 Million Project Is Changing The Face Of Wrigleyville (PHOTOS)

• New Wrigleyville Starbucks To Open In Old Hi-Tops, Harry Caray's Location

• Wrigley Field McDonald's Torn Down To Make Way For Hotel

• Starbucks Across From Wrigley Field Closes After 21 Years

• Goose Island Wrigleyville Closed For Good — Addison Park On Clark Nearing?

• Addison Park On Clark Development Hopes To Move Forward After More Changes

• Developer Scraps Plans For Wrigleyville Hotel, Hopes For Apartments, Retail

• New 'Dream' iO Theater Includes Four Theaters, Three Bars And A Beer Garden

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