May 13, 2008 12:44 pm US/Central
U. Of C. Buys Major Hyde Park Shopping Center
University Hopes Purchase Of Harper Court Will Revitalize 53rd Street
CHICAGO (STNG) ―
The University of Chicago hopes its purchase of a Hyde Park shopping center can lead to a revitalization of the retail environment along 53rd Street, the school says.
The $6.5 million purchase of Harper Court at 5211 S. Harper Ave. -- a joint project between the university and city -- from the Harper Court Arts Council, was announced Monday by Ald. Toni Preckwinkle (4th) at a meeting of the Advisory Council for the 53rd Street TIF District, a release from the school said.
The shopping center now has 23 stores and restaurants, among them the Dixie Kitchen and the Calypso Cafe, as well as the Hyde Park Animal Clinic.
Current renters have received notification and discussions have been held about a timeline and available resources to help with relocation, the school says. Most Harper Court shops have month-to-month leases, and tenants have been assured that their leases will extend at least through 2008, according to the release.
The U of C will lead the city-mandated development process, which will be designed to attract good ideas, high-quality developers and ongoing community input, the school says.
The first step of the development process will be to seek qualified development teams, who will submit detailed proposals for the best mix of uses for the shopping center and parking lot.
"The project is part of an ongoing effort to explore redevelopment in the TIF district, which has already had much success, including bringing high-quality retail and entertainment businesses to the area," Preckwinkle said.
University President Robert Zimmer described the school's goals: "The University has interest in fostering a lively and positive environment for residents and businesses in Hyde Park and beyond. Redeveloping 53rd Street is a priority identified by both campus and neighborhood communities. This project is representative of the University's continuing efforts -- in education, employment, health care and safety -- to contribute to a vibrant and livable community.
The Harper Court Arts Council will use funds from the purchase to continue its efforts to support the arts and business development in Hyde Park and neighboring communities.
(Source: Sun-Times News Group Wire © Chicago Sun-Times 2006. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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