By Jim Sterne
News Editor
The City Council approved a plan on Sept. 4 to build mixed-income housing and substantial commercial development through the rehabilitation of several historic buildings in the Uptown neighborhood.
The $24.3 million plan will rehabilitate the corner buildings of the long-vacant, former Goldblatt’s Department Store complex on the 4700 block of N. Broadway with retail and residential uses.
“This project will create mixed-income housing units in the Uptown neighborhood, while removing blight and providing a catalyst for the rejuvenation of this commercial and entertainment center,” said Mayor Richard M. Daley.
Under the proposal, the old department store’s two corner buildings would be preserved and rehabilitated for retail and residential use. The third, southernmost building would be replaced with a new two-story commercial and residential building.
“This plan balances several neighborhood planning goals, including the creation of affordable housing, historic preservation and economic development,” said Alicia Berg, Commissioner of the Department of Planning and Development (DPD).
The Goldblatt’s project would create a total of 41,200 sq. ft. of retail space, and 37 condominium units with 37 parking spaces below ground. Eight of the 37 residential units, or 20 percent, will be priced at rates that are affordable to residents earning 60-85 percent of the area’s median income.
DPD will contribute $7 million in Tax Increment Financing (TIF) assistance, or about 28.7 percent of the total project costs of $24.3 million. The reimbursement, available from the Lawrence/Broadway TIF, would fund land acquisition and rehabilitation costs.
In addition, the Department of Housing (DOH) and the developer will together provide nearly $630,000 to write down the cost of the eight units. With this assistance, the units will each be priced at $100,000.
“The City and DOH have had great success in maintaining and expanding affordable housing in Uptown and in neighborhoods throughout Chicago,” said DOH Commissioner Jack Markowski. “DOH is working full-time on creating mixed-income communities where market-rate and affordable housing co-exist to make our neighborhoods stronger.”
Since 1989, the City has created 36,000 units of affordable rental housing, and 8,000 affordable new for-sale homes in neighborhoods throughout Chicago.
“This project will develop a vacant department store building into mixed-income housing and improved retail opportunities,” said Ald. Mary Ann Smith (48th). “It strikes a balance between the needs of our community, strengthens this vital corner, and will spur the further rehabilitation of our historic structures in the Uptown entertainment district.”
As part of the plan, the developer of the Goldblatt’s project, J. Freed and Associates, will contribute $1.25 million to the rehabilitation of the neighboring Leland Apartments. That plan includes the rehabilitation of 99 new Single Room Occupancy (SRO) apartments and 34 studio apartments.
The development plan is supported by a number of local community organizations, including: the Uptown Chamber of Commerce; Uptown Community Development Corporation; Uptown Chicago Commission; Gunnison Block Club; Lakefront SRO; Daycare Action Coalition; Institute for Cultural Affairs; American Metro Bank; Asian American Small Business Association; Buena Park Neighbors and Lakeside Neighbors. |
