The appraised value of the city-owned parcels at 815 N. Pulaski Rd. as well as 3942-44 W. Chicago Ave. is $169,000. However, the $5.1-million project, which includes a 3,700-sf multi-tenant retail building, is expected to return more than $1 million in revenue over the 23-year life of the TIF, says Mary Bonome of the department of planning and development. The financial package was recently endorsed by the community development commission.
"We've been working on this project with CVS for over three years," Bonome says. "We think this will be a catalyst for the western edge of the Humboldt Park community."
Besides continuing to work on acquiring the remaining five parcels for the project, CVS Pharmacy also discovered the site needs extensive site preparation and environmental remediation, Bonome explains. The property has been used by two gasoline stations.
"The subsidy helps CVS complete this project," Bonome adds, noting a city request for proposals for parcels in the 700 block of N. Pulaski Road drew just one response, which was rejected.
"We've been committed to trying to get this corner developed," says 27th Ward Alderman Walter Burnett. "We look at this as being the gateway to the West Humboldt Park community."
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