Mercado stresses the city prefers not to buy up properties, but the acquisition authority given to the department Tuesday by the community development commission provides some clout that could motivate some owners to sell to developers and users. The department receives calls daily from potential buyers, Mercado says, who believe highly visible but poorly maintained properties in the Near Southwest Side neighborhood are owned by the city.
The 950-acre area has seen an increase during the last five years from 150 companies employing 6,000 to 214 firms with 10,000 employees. "Sixty percent of the jobs are held by constituents of my ward and neighboring wards," says 25th Ward Alderman Daniel Solis.
Investment in the area has grown from $1.4 million a year to $41 million a year over the last five years, according to Mercado. Despite the growth, city officials believe the additional parcels, which total 84 acres, need to be made ready to accommodate expanding companies or industrial firms looking to relocate to the city.
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