A group of 19 merchants with shops near the intersection of 63rd and Halsted streets have formed a development group, and have hired a consultant to assist them, according to department of planning and development project manager Judy Jackson. She adds the department already owns 35 parcels in the area for the new commercial center.
"This site is in need of development," Jackson says, adding the department hopes to bring a development deal for the new commercial center to the commission "within a few months."
Meanwhile, the city is selling 10 parcels at the northeast corner of 63rd Street and Union Avenue to 63rd & Halsted Inc. for $145,000, little more than half its $270,000 appraised value. The developer will build 70,000 sf of retail space, including a 16,029-sf Walgreens amd 3,256-sf McDonald's in an area that has seen no new retail development in 15 years.
The city is paying fair market value for the properties it acquires in the 5900 and 6000 blocks of S. Halsted St., Jackson says, adding business owners and renters can get relocation help of up to $20,000 through the city. Of the 12 active merchants in the area where the city is acquiring property, Jackson estimates half may join the 63rd and Halsted development group.
No price tag has been set. However, the properties involved are dilapidated, Jackson says. Property values in Englewood have also lagged the rest of the market.
Alderman Arenda Troutman supports the proposal, noting it has been four years in the making. "This project will not be a shoe-store-saturated, culturally biased commercial district," she adds.
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