Although near the River City development as well as a converted138-unit multifamily rental loft building, the area suffers from alack of infrastructure, city officials admit. "This is sort of ano-man's land there," says 42nd Ward Alderman Burton Natarus. "Yougo down there on Wells Street, and you end up in rubble."
That eventually could change. In addition to Horner's project,plans already have been approved for Paper Place and LaSalle Parkon more than 27 acres south of Polk Street.
Although it would allow another 88 units on an 0.76-acre site,Horner's Wells Financial LLC's planned development would result ina lower density allowed by the underlying zoning for the site. Thefloor-area-ratio will increase to 8.35, about 30% less than the12.0 allowed.
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