City planners have cleared the first hurdle in getting financial assistance for a public park over railroad tracks on the northeast corner of Lake and Canal Streets.
The Chicago Community Development Commission last week granted approval for $30 million in tax increment financing to a commercial project that will mimic the building of Millennium Park. The City Council still must agree.
L&M Riverbend Venture will build the park and improve the riverwalk as part of a larger commercial project. L&M is a joint venture among two Levy Organization units and developer, Hines 200 N. Riverside LP. That partnership owns about 2.5 acres at Canal and Lake and will build a $480 million, 51-story office tower to be anchored by the William Blair Co.
The developer is seeking to sell part of its site for a 20-story hotel.
The $64 million park will go up on 1.5 acres, part of which is occupied by an unused switch station of possible historic significance.
Under the TIF agreement, the developer will build, landscape and maintain a deck 22 to 37 feet above the Amtrak tracks. The riverwalk, where the Chicago River’s Main, North and South Branches meet, will connect to the park via stairs and an elevator.
Of the TIF assistance, $500,000 will be for moving the switch station.
The developer will begin building the park in August, with completion set for 2011.
