X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-City officials say they do not have developers lined up for properties near the Broadway, Devon and Sheridan, a gateway between the Edgewater and Rogers Park communities. However, they are preparing to acquire some properties they consider less than the highest and best use or blighted in an attempt to spur the current owners to begin redevelopment.

The city council could vote in July on giving the department of planning and development authority to acquire buildings at 1230 and 1236 W. Devon Ave., 6330, 6340 and 6350 N. Broadway, 6601 N. Sheridan Rd. and 1233-43 W. Pratt Ave. through condemnation.

“They’ve really underserved the community for quite some time,” says 40th Ward Alderman Patrick J. O’Connor, who specifically called the intersection of Broadway, Devon and Sheridan “an absolute blight.” The properties further north on Sheridan Road and Pratt Avenue are in Alderman Joe Moore’s 49th Ward.

Among the properties is a Dunkin’ Donuts store at 6330-34 N. Broadway, where Amir Khoja says he has spent $500,000 on renovations in the past year. In addition, property records show mortgages of more than $2.5 million on the 2,300-sf retail building. “It’s not only the property that’s valuable, it’s the franchise,” says Khoja, telling the community development commission Tuesday he has a 20-year franchise agreement with the donut chain.

In at least one case, the threat of condemnation appears to have already worked. Although a spokesperson for Congregation Beth Shalom says his board “should be given flexibility to redevelop the synagogue,” Moore adds developers have recently been approached about undertaking the project. The temple at 1233-43 W. Pratt Ave. has been vacant since it suffered storm damage in 1999, although a fire caused additional damage in 2003.

“Several interested developers have looked at it and they all agree it’s in very, very serious condition,” Moore says. “It is my hope that by adding this property to the acquisition list, it will stress the importance of having this property developed.” That development could include a continued place of worship for Congregation Beth Shalom, Moore suggests, along with residential units.

An auto body shop is operating at 6601 N. Sheridan Rd., a former gasoline station, Moore notes, adding it’s “not the highest and best use” for the 15,000-sf corner property. However, owner Pierre Zonis says the city move is unnecessary. “I don’t see any reason for the city to take the first step,” says Zonis, who acquired the property in 1999.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

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

Get More Information
 

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.