CHICAGO—Nordstrom has announced it will anchor a new shopping center project in the South Loop at the intersection of Canal Street and Roosevelt Road.

The new Nordstrom Rack will open in the 230,000-sq.-ft. Maxwell project. The approximately 36,500-sq.-ft. store is scheduled to open in 2014 for a reported 10-year lease. The retailer already operates four full-line and seven Rack stores in the Chicago area, with another planned for the Clybourn Corridor.

"We could not be more delighted to have Nordstrom Rack as a lead anchor,” says Robert Bond, president of the Bond Cos., the developer of the Maxwell. “This store reinforces the confidence they have demonstrated in the Chicago marketplace. This area continues to evolve as a prominent retail corridor serving more than 15 Chicago neighborhoods.”

The Maxwell development is a joint venture between Bond and Bucksbaum Retail Properties. Bond is reportedly working with lenders to complete financing for the project.