Search
 

GlobeSt.com UPDATE: Wilson Yards Plan Heads to Council

CHICAGO-The $113-million redevelopment project at the northwest corner of Broadway Street and Montrose Avenue will bring a Target store and 12-screen theater, along with two controversial multifamily towers.

By Mark Ruda | Updated on January 06, 2005

For more retail coverage, click GlobeSt.com/RETAIL.

CHICAGO-The formality of a city council approval is the next step for the controversial $113-million Wilson Yards redevelopment project, which will bring a Target store and 12-screen movie theater to the Uptown community’s gateway at 4400 N. Broadway. The city council’s zoning committee was the latest to endorse the project, which already received a favorable recommendation from the plan commission as well as a $26.5-million tax increment financing package from the community development commission.

The sticking point to developer Peter Holsten’s 702,000-sf project has been a pair of 10-story multifamily buildings along Montrose Avenue. One building will have 71 units at affordable rents for lower-income households while the other building will be a 70-unit senior-housing tower. The community has been polarized by the issue, as opponents argue whether there is too much or too little affordable housing in a gentrifying community.

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?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.