X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-After taking steps to encourage retail development on the North Pullman neighborhood on the far South Side, city officials hope to lure developers willing to build rooftops. The department of planning and development has issued a request for proposals for 27 lots in the 10400 and 10500 blocks of S. Corliss and Maryland avenues, some of them already owned by the city.

Included in the proposal are 17 parcels on both blocks, already zoned for townhouse or multifamily development. The city already owns seven lots, which they are offering at $105,000 each. Three lots are owned by private parties, while seven other properties are privately owned buildings in Pullman landmark district. The city is ready to help developers negotiate with the private owners, says department of planning and development project manager Karen Forte.

The city has recently issued a request for proposals to developers willing to build retail space on more than five acres at 115th Street and Michigan Avenue. Target prices totaling more than $2.5 million have been set for two parcels on the southeast and southwest corners of the intersection, on the boundary of the Roseland and West Pullman communities.

Redeveloping the existing buildings in the 10400 and 10500 blocks of S. Corliss and Maryland avenues would have to follow the city’s guidelines for historic districts. However, Cook County Class L property tax breaks and 20% federal tax credits would be available to developers rehabbing the properties, Forte says.

The request for proposals was recently endorsed by the community development commission. Proposals are due Jan. 21.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.