Oct 29, 2008 11:17 am US/Central
Target Signs On To Anchor Uptown Development
Shopping Center Will Be Built On Wilson Yard, Site Of CTA Shop That Burned Down
CHICAGO (Sun-Times Media Wire) ―
Uptown residents who have waited years for progress at the Wilson Yard development site are finally getting good news. Target Corp. is officially in the deal and plans a 180,000-square-foot store on two levels by the fall of 2010.
Target closed on the purchase of property in Wilson Yard, acquiring it from the site's developer Holsten Real Estate Development Corp. Terms were not disclosed.
Joining Target on the property will be 20,000 square feet assigned to specialty retailers. The $150 million Wilson Yard complex is in line for a large city subsidy, with the tab expected to hit $52 million.
The sale to Target allowed Holsten to complete financing for other aspects of the deal. Also on the site will be two buildings comprising 178 units of rental housing, which were sources of controversy in the area. They will be rented at below-market rates but are not public housing, as some have described it.
The five-acre site is on the west side of Broadway between Montrose and Wilson.
The Wilson Yard and shop, for elevated trains, were opened in 1900 and 1901, respectively. The three-story CTA shop building burned down on Oct. 26, 1996. The site was cleared soon thereafter.
(Source: Sun-Times Media Wire © Chicago Sun-Times 2009. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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