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City Puts Gas Station Sites on the Market

CHICAGO-The six city-owned properties on the South and West sides total nearly 66,000 sf and could support about 200,000 sf of mixed-use developments. Target prices have been set at $9 per sf.

By Mark Ruda | Updated on April 25, 2005

CHICAGO-Six former gasoline station sites on the South and West sides are being pitched to developers willing to build mixed-use projects, which could range from 12,000 sf to 50,000 sf. The city-owned properties, acquired through foreclosures, total nearly 66,000 sf and could support new developments adding up to 200,000 sf.

The department of planning and development will recommend the sites be rezoned to B2-3, says project manager Joseph Lopez, which allows for a more generous floor-area ratio of 3.0. The sites were among 22 reviewed by Mayor Richard M. Daley’s gasoline station task force, Lopez says, with the other 16 already committed to other uses. Target prices have been set at $9 per sf, Lopez adds. However, the department is willing to consider writing down the cost of the land, Lopez says, as well as tax increment financing.

The largest site is a 16,685-sf parcel at 9815-17 S. Cottage Grove Ave., acquired in a 2001 foreclosure. The target price is $150,000.

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