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ISSUE:
The Wilson Yard, a five-acre site located at the northwest corner of Broadway and Montrose Avenues, is Uptown's largest undeveloped parcel of land. The development of this site will have a great impact on the community as a whole. The opportunity for a thoughtful, planned development (including an appropriate mix of retail, housing and parking), would provide an economic stimulus, that would in turn, positively affect the viability of Uptown's largest commercial corridor.
BACKGROUND:
Wilson Yard, owned by the Chicago Transit Authority, has stood vacant since a fire in fall, 1996. It is part of a $50 million tax increment financing, or TIF, district, which permits the city to acquire vacant land and make infrastructure improvements so that the area becomes productive again.
After extensive, and often contentious, community debates and meetings, the city of Chicago selected Peter Holsten, Holsten Real Estate Development Corp., in October 2002 as master developer for the Wilson Yard. His firm will work with the city to plan the redevelopment.
Among the initial issues that must be resolved are securing agreements with the entities that own land affected by the development, including the CTA, Truman College, Aldi's, and the Broadway/Montrose building. Current plans call for the Chicago Transit Authority's sale of their parcels to take place in either 2005 or 2006, leaving the property undeveloped for nearly 10 years.
UCC POSITION:
Although the UCC supports using TIF funds to rehabilitate and preserve existing affordable housing within the overall TIF district, the Wilson Yard should become a vibrant, commercial district that will serve all of Uptown's residents.
However, if the City of Chicago planning process determines that housing should be included in plans for the Wilson yard, the UCC believes that:
- Our first preference would be for housing for ownership, including affordable home ownership.
- Any senior housing should be managed according to the same standards as the Ruth Shriman House.
- If rental housing is included, citywide standards for mixed income developments should be applied.
- Any rental housing should be managed in the same manner as Holsten manages its other properties, such as the Belle Shore and the Bryn Mawr, including drug screening.
- Every effort should be made to preserve the historic Broadway/Montrose building.
There are many issues that are still unresolved in this proposal. We are particularly concerned about the increased level of traffic congestion, the efficiency of traffic flow, the pedestrian-friendliness of Broadway, and the lack of ground-level green space, particularly adjacent to housing. We are especially concerned about the failure to address the needs of Truman College by decreasing, not increasing, its parking and by failing to offer a coherent, transit-oriented development.
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