City officials are seeking a developer to build townhouses or condominiums on two Madison Street parcels comprising 59,900 square feet of development space. Both lots are about a half mile west of the United Center.
With an objective of drawing new homeowners to the area, Department of Planning and Development officials issued a request for development proposals earlier this month. One of the parcels, on the north side of Madison, consists of six lots and 31,700 square feet. The other parcel is across the street and consists of three lots and 28,000 square feet of development space.
The community has seen other recent development. A Walgreens drugstore was built just to the west of the parcels and opened last summer. And, the Planning Department recently issued a request for development proposals, seeking a grocery store for the southeast corner of Madison and Western Avenue.
“We are looking for market-rate townhouses or a condominium building that fits the scale and style of the surrounding residential community,” said Mary Bonome, a Planning Department coordinator who spoke before the Community Development Commission early this month and won CDC approval to issue the request.
Bonome told the commissioners that the community surrounding the development site is low- to moderate-income. “Because we are seeking to increase homeownership in the area, rental units will be allowed only … when the owner of the building lives in the building,” Benome said. “And, we are looking for development of large three- and four-bedroom units.”
The area is zoned for business use, and Bonome told commissioners the city would work with the selected developer to rezone the area for residential use. The development site falls within the boundaries of the Central West TIF (tax increment financing) district, which means that TIF assistance could be available for the developer. The developer would pay fair market value for the land, “about $20 per square foot, based on recent multiple listings,” Bonome said.
A pre-bid conference will be held at City Hall May 14 at 10:30 a.m. in Room 1003A. Final applications are due by 2 p.m. July 10.
