SOME BACKGROUND:
A new 197-unit luxury apartment building with restaurants, cafes, and a bocce ball court is proposed for the corner of Wilson & Broadway. The owner of the building has signed-off on submitting a zoning change with the developer, George Markopolous of M1 Properties. This zoning change was introduced into City Council last summer of 2016 (you can view it here:https://assets.documentcloud.org/documents/2996658/O2016-5600-pdf.pdf).
We believe that construction will impact all small businesses in the affected area. Wilson Optical, City Gold, City Sports, Expo Beauty Supply, Rainbow, and Family Dollar are currently tenants of the building and have not received any answers about their future tenancy if this development were to move forward.
What are ONE Northside’s concerns with the development?
- Displacement of long-time, local small businesses currently leasing at the site.
- Lay-offs to be faced by people who work in these shops and bankruptcy faced by the owners.
- Luxury-priced rents drive up market prices throughout the area.
- Limited availability of affordable housing in new building--only 5 of the 197 will be deemed affordable, that is 2.5% of the building.
- Disruption of Uptown community values, threats to diversity, acceptance & accommodation of low-income citizens.
- Height casting a shadow over the historical Winthrop Family Gardens.
- Developer has a bad reputation of leaving unfinished projects that were badly financed and failing to pay workers in Hammond, IN. This is his first project in Chicago. (see here: http://www.nwitimes.com/news/local/lake/hammond/hammond-contends-woodmar-developer-misrepresented-ability-to-finance-project/article_1861e948-a7da-54fb-a0c1-b71962e34228.html)
Chicago, IL 60640