Balcer, CDC look to redevelop old bank property, brownfield
By April Galarza
Alderman
James Balcer of the 11th Ward and a City agency, the Chicago Community
Development Commission (CDC), are working to turn abandoned buildings and
industrial landfills in the ward from community eyesores and potential
environmental hazards to valuable productive assets.
They are
considering several development proposals for the old Live Stock National
Bank, a boarded-up property at the southwest corner of Pershing Road and
Halsted Street in the Stockyards Annex. According to the minutes of the
January 2007 CDC meeting, Halsted Pershing Morgan, LLC, is the leading
candidate to redevelop the property, although the CDC is seeking additional
proposals.
Constructed
in 1925, the old bank building was designed by Abraham Epstein, who also
designed the International Amphitheatre.
“The ideal
purpose of the building would be a high-class restaurant or banquet hall,”
Balcer said. “It’s a beautiful building for a restaurant.” The decision will
be made by summer, and Balcer insisted only the best proposal will be
accepted. If a proposal “isn’t right for the needs of the community, it will
be rejected,” he said.
In
Canaryville, an oblong lot running from Halsted Street on the east to 100
feet east of Morgan Street, which has been vacant for more than 25 years, is
slated for “repurposing” as an industrial complex by Howard Wedren, a local
development company.
Having seen
more than 150 years of industrial activity, the site is classified a
brownfield, and more than ten feet of landfill waste matter must be cleaned
up before construction begins.
The federal
Environmental Protection Agency defines brownfields as “abandoned, idled, or
under-utilized industrial and commercial facilities where expansion or
redevelopment is complicated by real or perceived environmental
contamination.” The cost of developing the Canaryville lot is projected at
$2 million, while the land is valued at $1.6 million; given that
discrepancy, the CDC plan mentions selling the land for $1 as one
possibility.
The CDC also
will help with the extra labor costs associated with cleanup. The property
will be closely monitored and tested; it must be certified as clean before
construction can begin.
The site’s
new purpose will be industrial because few available industrial areas remain
in Chicago. Plans call for an 80,000 square foot building, and the CDC hopes
the project will be complete by fall 2008.
After the
site has been cleaned, the future owner will work through a broker to
identify potential tenants. The building could accommodate up to three
smaller tenants or one large company. Unsurprisingly at this early stage, no
firms have shown interest so far.
The
industrial complex will create at least 35 permanent jobs as well as
temporary and contract construction jobs. The City also wants the developer
to get involved with nearby Taylor-Laurdsen Playground Park (also known as
Boyce Park).
“We are
trying to get developers to be part of the community, and I think this is a
good way to do it,” said John Malloy from the Chicago Department of Planning
and Development.
