July 20, 2010
Mayor Daley Marks Opening Of Wilson Yard Development In Uptown
350 Permanent Jobs, Target Store and Other Retail, Affordable Housing Made Possible By $54 Million Tax Increment Financing Investment by City
Mayor's Press Office 312.744.3334
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Mayor Daley today joined residents, elected officials and members of the business community to celebrate the grand opening of Wilson Yard, a mixed use development that brings 350 permanent jobs, a new Target store and other retail shops and affordable housing to the Uptown community.
“This development represents one of the best and most important uses of Tax Increment Financing funds today,” Mayor Daley said at a news conference at the development in the 4400 block of North Broadway. “Wilson Yard and this new Target store will serve as an anchor for the Uptown community.”
The Wilson Yard location had been vacant since 1996, when a Chicago Transit Authority maintenance site destroyed by a fire in 1996. The rail yard had occupied the site since 1901.
The City allocated the Tax Increment Financing funds from the Wilson Yard TIF for the project, which was developed by Holsten Real Estate Development Corporation.
Wilson Yard will create approximately 350 permanent jobs and approximately 260 temporary construction jobs were created.
In addition to the Target store, the development also includes:
- Wilson Yard Senior Apartments, 1032 W. Montrose Av. – The $32.3 million affordable senior apartment complex has 98 one-bedroom apartments for residents earning at or below 50 percent of area median income. The City invested up to $20 million in tax exempt bonds, which helped leverage $12.2 million in tax credit equity; $6.8 million in loans and $11.7 million in TIF assistance for this project.
- The Wilson Yard Apartments, 1026 W. Montrose Av. - 80 affordable family units funded by the Illinois Housing Development Authority and currently 70 percent occupied.
- An Aldi store and ten smaller store spaces, four of which already have signed leases with three others in the works.
In addition, $14 million generated from the Wilson Yard TIF is also being used to fund two other projects in Uptown -- the renovation and preservation of 59 units of affordable housing at the Clifton-Magnolia Apartments in the 4400 block of North Clifton and the construction of a new 7-story student center and parking garage at Truman College.
“ Making key investments in our neighborhoods -- from building new schools, fire stations and libraries to developing sites for new retail stores and preserving affordable housing -- makes for a more stable and secure community,” Daley said.
“This development serves as a great example of what this type of investment creates and will serve as a catalyst to strengthen the community and bring new life and business activity to the area,” he said.
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