WILSON YARD PROJECT BACK UNDERWAY IN UPTOWN

New Target store to anchor environmentally friendly, mixed-use North Side development project

CHICAGO––Work on the $150 million Wilson Yard development project has officially commenced in Chicago's Uptown neighborhood following final closing on all funding sources by the Holsten Real Estate Development Corporation (Holsten Corp.) 

The planned development will feature a new Target retail store, numerous smaller stores and restaurants, and affordable housing for families and seniors, all of which will be LEED certified.  "We're thrilled to be a part of the Wilson Yard development and look forward to serving the Uptown community for many years to come," said Target spokesperson Delia McLinden.

WILSON YARD PROJECT FACTS

The Wilson Yard project site on Broadway between Montrose and Sunnyside sits at one of the most prominent locations in the Uptown neighborhood on Chicago's North Side, within the city's 46th Ward.  Formerly home in part to a Chicago Transit Authority (CTA) rail yard and repair shop for nearly a century, the CTA portion of the site was initially cleared for development in the late 1990s. 

Already home to a new ALDI supermarket that opened in May 2007, when completed the total project will include:

Retail

A new, 180,000 square-foot Target store on two levels and featuring an energy-saving green roof will anchor the retail portion of the project, with 25,000 square feet of additional retail and office space along Broadway.  An attractive new streetscape design will enhance the project's look, and a historic terra cotta façade at the corner of Montrose and Broadway will be restored.

Residential

The project will also include two rental buildings with affordable units managed by the Holsten Management Company.  One residential building will offer 80 one-, two-, and three-bedroom apartments.  An accompanying seniors complex will feature 98 one-bedroom units.  Both residential complexes will feature on-site property managers and stringent tenant selection processes.

Greenspace and Green Technology

In keeping with Mayor Daley's ongoing commitment to make Chicago a showplace city for green technology, the Wilson Yard project will be certified under the Leadership in Energy and Environmental Design (LEED) Green Building Rating System, the nationally accepted benchmark for the design, construction, and operation of green buildings by the U.S. Green Building Council.  The project's master plan, from FitzGerald Associates Architects, ensures the use of environmentally friendly and sustainable building practices throughout construction.

"Sustainable design of new buildings is no longer just a social trend, but rather is our environmental and economic responsibility," said FitzGerald Associates principal-in-charge Michael De Rouin, AIA, CSI.  "The Wilson Yard project sets out to meet all of today’s most important sustainable design criteria."

Environmentally sensitive elements of the project include both green roofs and a solar-reflective roofing system for the residential buildings, collection and controlled release of storm water, and reclaimed parking space beneath the CTA 'L' tracks. 

The use of high-efficiency mechanical and insulation systems is expected to reduce average water consumption by 20 percent and energy costs by 14 percent versus non-LEED construction and recycled content will account for at least 20 percent the building materials used.  In addition, ventilation systems will be based around non-CFC refrigerants and only low-VOC (volatile organic compound) paints, adhesives, and sealants will be used during construction.

Job Creation and Training

Completion of the Wilson Yard project will also generate an estimated 250 construction jobs and 325 permanent jobs in the Uptown neighborhood.  Area residents will also have the opportunity to be trained in construction trades and be employed on the project through an apprenticeship program jointly managed by Dawson Technical Institute and the nonprofit Inspiration Corporation.  Tuition cost will be funded in part by the Mayor's Office of Workforce Development.

"The Wilson Yard project will breathe new life into the 46th Ward and the city’s North Lakefront area in general, bringing needed retail space, new jobs, and senior and rental housing," said 46th Ward Alderman Helen Shiller. "I am confident the project will spur future commercial and retail development in the Uptown area of the ward."

WILSON YARD PROJECT HISTORY

Today's groundbreaking represents the culmination of years of hard work on the Wilson Yard project for the local community.  A Wilson Yard Redevelopment Task Force originally discussed the feasibility of developing the site in 1997.  Three years later, a TIF district was created to help spur development of the property and the immediate vicinity.  In 2002, the City of Chicago selected Holsten Corp. as master developer for the site.

A multi-year community planning process presided over by Alderman Shiller brought forth a wide range of ideas for the site from local residents.  Primary among the suggestions was a project that respected the multi-cultural, mixed-income nature of the Uptown neighborhood--a model whole-heartedly embraced by Holsten Corp.  The Chicago Transit Authority transferred ownership of the property to the City of Chicago for redevelopment in December 2004.

This month the Chicago City Council gave final approval on a $51 million commitment in TIF funds to Holsten Corp. to spur the completion of the project.  The commitment is based on Holsten Corp.'s strong commitment to the project and the enormous financial strength of its financing partners including Bank of America, JPMorgan Chase, Dougherty & Company, the Chicago Department of Housing, the Illinois Housing Development Authority, Local Initiatives Support Corporation (LISC), and the Enterprise Fund.  The rest of the $150 million project tab will be financed through loans and private investment. 

"The Wilson Yard project could not be better suited to the Uptown community," said Holsten Corp. President Peter Holsten.  "With a top-level retailer like Target, badly needed housing and job training, an eye towards green technologies, this development makes everyone a winner."

Released Tuesday, October 28, 2008