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CHICAGO-More than 50 lots in a five-block area on the Near West Side will be offered to multifamily developers for $3.2 million, according to a city request for proposals. The department of planning and development is offering the lots primarily in the 2500, 2700, 2800 and 2900 blocks of W. Flournoy Street to developers willing to build market-rate and affordable housing in the area west of the Tri-Taylor District following a recent approval from the community development commission.

The most expensive land is the 2500 block of W. Flournoy Street, where an appraisal came in at $40 per sf, or a $1.2-million target price for the parcels there. Lots on the other three blocks can be had in packages with target prices of about $700,000 each. The target price drops to $15 per sf in the 2900 block of W. Flournoy Street. Lots also are located on Harrison and Lexington streets.

Tax increment financing could be available to builders in the 2800 and 2900 blocks, says Amy Lozano of the department of planning and development. Bid will be accepted on one or more packages, but the department is hoping to encourage new developers to the area, near the site of the former Rockwell Gardens public housing project.

Most of the long-vacant lot has been acquired by the city through demolition liens and foreclosures, Lozano says. The properties are zoned RT-4, which like the previous R-4 classification in the old zoning code, allows a floor-area-ratio of 1.2.

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