A major change to the upcoming Old Town redevelopment of multiple lots has been confirmed by the second ward’s Alderman. The massive project being led by local developer Fern Hill was announced late last year with plans to construct various new structures across six parcels around the intersection of W North Avenue and N LaSalle Drive. The sites owned between Fern Hill and Moody Church will be replaced or added to prolific architect David Adjaye whose work includes the National Museum of African American History in Washington DC.
Articles by Ian Achong
ComEd has announced plans to redevelop the existing trading building at 333 S LaSalle Street in The Loop. Located on the corner with W Van Buren Street, the low-rise building is adjacent to the Board of Trade tower and for many years held the last open-outcry trading pits in Chicago. The purchase, which was finalized in November, marks the end of a long history for in-person trading that helped power the local economy, which now relies on virtual operations.
A bill in 2021 was introduced to create a new national heritage area in Bronzeville dedicated to its significance in the nation’s culture. The two bills H.R. 670 and S.511 are now being reviewed by a subcommittee on National Parks before being voted on by the House and senate respectively. The bills would create the Bronzeville-Black Metropolis National Heritage Area, becoming one of three in the state and are backed by US Representative Bobby Rush, who recently announced won’t be seeking a 16th term, and Senator Dick Durbin.
The Chicago City Council has approved tax incentives for four redevelopment projects across the city including Uptown, Humboldt Park, Chatham, and New City. All but one of the developments are new with the other being an extension of an existing credit, the incentive is as follows; commercial developments will be taxed at 10 percent for the first 10 years, 15 percent for the 11th year, and 20 percent for the 12th year before rising to the standard 25 percent thereafter. The two classes in this round of approvals are 6(b) due to new construction and 7(a) for redevelopment under $2 million.
Updated details have been revealed for a new residential expansion to an existing building at 3150 N Racine Avenue in Lakeview. Located on the southwest corner with W Belmont Avenue, the existing building is owned and operated by Mercy Housing as supportive apartments. Developer Belray Limited has tapped local designer Landon Bone Baker for the expansion to the affordable housing project that will replace the adjoining parking lot with added units.