Since Cabrini-Green came down a couple of years ago, developers have salivated over the possibilities for the Near North area. This morning's Crain's has the latest:
Construction crews recently were busy drilling holes for the foundation of an 18-story, 240-unit apartment building at Division and Howe streets, one of several private developments sprouting just steps from the former Cabrini-Green towers.
“The skyline's going to change really quickly over there,” says Matt Edlen, director of Midwest and East Coast acquisitions at Portland, Oregon-based Gerding Edlen Development Inc., which is building the apartment tower. “There's so many possibilities for that neighborhood and how it comes together.”
It's coming together already. A Target store opened north of Gerding's site last fall, and a developer is negotiating to buy a parcel just northeast of the store and may build apartments there, says Chicago-based Baum Realty Group LLC Vice President Greg Dietz, who's selling the property. He declines to identify the developer. Chicago-based Structured Development LLC and John Bucksbaum are building 199 apartments and 360,000 square feet of retail space on the former site of the New City YMCA at Clybourn Avenue and Halsted Street. And a 190,000-square-foot retail-and-office development and new store for boating retailer West Marine are in the works at Division and Halsted streets.
Crain's, concerned exclusively with business, doesn't ask: what happened to all the previous residents? I guess, once you've gotten rid of all the poor people, they're someone else's problem.