Although more than 100 residents from the West Side neighborhood showed up for a hearing at city hall, opposition was muted by an impassioned call for support from 27th Ward Alderman Walter Burnett Jr. While the Chicago/Central Park area slated has continued to deteriorate, he notes commercial and institutional development around the Cabrini-Green housing project, a revitalized Greektown neighborhood, and a Kinzie Street area that has become attractive to businesses.

"This area has more vacant lots than any other area of the ward. There has been no substantial commercial development along Chicago Avenue or Division Street," says Burnett, whose ward stretches five miles from Downtown. "People in our neighborhood are moving out, with some of them paying a mortgage on a vacant house or lot because they can't sell it."

Eventually, TIF money will allow the city to buy out owners of some of the empty storefronts that predominate Chicago Avenue, Burnett says.

In addition to commercial development, TIF money could aid new affordable housing as well as help preserve existing residential uses. Institutional uses such as a new police station and recreational activities also could come to the area, planning and development officials say. Burnett says he has been lobbying for a park district facility, library and YMCA, so far without success.

Although TIF plans note the possibility that 740 residential units could be replaced, Burnett says flatly, "That's not going to happen.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.