Special Edition: Wilson Yard 12 Year Anniversary Wilson Yard Riding the Wild Economic Times
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The chaotic and wild economic times we're experiencing globally seem to be
following suit in our own backyard. Way back in October 1996, when the
Wilson Yard CTA maintenance facility, located along Broadway and Montrose,
burned down in a spectacular fire, there was hope this big chunk of prime real estate
property would be the salvation of Uptown's deserted commercial streets and blighted retail.
We should have known better.
Now on the twelve year anniversary of the Wilson Yard fire, let's take a short trip
down the Wilson Yard history lane. Keep reading to learn how did we end up with this mess...
Under the questionable leadership of Ald. Shiller, the Wilson Yard TIF was formed.
TIFs are supposed to spur economic development in blighted communities and bring in
private investment that otherwise would not happen. Yet the largest piece of undeveloped land on Chicago's northside was never put up for sale in the public marketplace.
From the very beginning, Wilson Yard has been plagued by manipulated surveys, charrettes with Peter Holsten (Holsten Real Estate is a developer of affordable housing, best known for tearing down Cabrini-Green and building the new mixed-income housing model) sitting at the housing discussion table at these early community meetings, and a blind refusal to bring in urban planners for a real community planning process.
Wilson Yard offers the unique opportunity to bring Uptown back to life for its famous heritage:
A destination for live theater, amazing entertainment and music, and bustling international restaurants that celebrate our diversity. Yet with no professional urban planning, an unconfirmed promise from Target, and an Alderman who demands affordable housing be built even on our commercial streets, we are destined to struggle with the crime and poverty that hurts all.
What was Wilson Yard supposed to be?
This video captures Shiller's pre-election promises for Wilson Yard at the 2003 Aldermanic debate...
Wilson Yard: The Taxpayer Tab Keeps Going Up While the Project Goes Down
The first promise to tumble was the mixed-income housing. At the last Wilson Yard Community meeting in early 2004 Holsten announced, "The mixed-income housing didn't pencil in So the housing will be all affordable housing." (Visit www.uncchicago.org for the housing rendering and details). The taxpayers' share to fund the now all low income housing was $26.4 million.
The next casualty was the movie theaters, the #1 most requested community priority.
Then the team of developers--ranging from market-rate housing, entertainment, retail and senior housing experts pulled out, leaving Holsten the lone developer and owner. Sweet!
The CTA did its part, to its own financial ruin, by selling Wilson Yard at a basement-sale price of $6.6 million, or $40 a square foot, while comparable nearby land was selling for over $100 a square foot.
Meanwhile our tab--The taxpayers' tab goes up and up. City Council easily passes the first amendment in 2006 increasing the taxpayers' funding of Wilson Yard to $35 million. And suddenly the housing covers 60% of the land now dedicated to two subsidized high-rises.
The mixed development changes radically with subsidized housing covering most of Broadway's prime commercial street. Another Wilson Yard bailout comes with the second handout upping the taxpayers' share to an unprecedented $42 million. The project's costs continue to spiral out of control and once again Holsten and Shiller go back again to City Council for yet another bailout. After realizing their low income housing costs have shot through the roof, now an estimated $447,000 per unit for the family housing, Shiller and Holsten get another bailout raising the taxpayers' funding to a whopping $52 million!
The Latest Wilson Yard Handout
This past week, Shiller and Holsten, facing a crumbling economy, went back again to City Council with yet another Wilson Yard amendment. Now what?
Think bailout, think developer responsibility, think again. A cursory look at the latest changes approved by the Finance Committee that breezed through City Council gives Holsten access to millions in taxpayers' money while shifting the responsibility off his back and on to the taxpayers. The developer's responsibility on loan defaults, deadlines, etc, are eliminated. Holsten is no longer liable; the taxpayers assume this burden. The City gives up its right to come back and sue Holsten for money paid to him if he doesn't complete the project. More on this critical matter in the next UNC newsletter.
After years of meeting with the Alderman, with the Commissioners of Housing and Planning & Development, hosting rallies, letter writing campaigns, community meetings, we realize our elected city officials don't give a damn what the citizens want. We understand that Uptown's economic future has to be taken to the courts. Visit Fix Wilson Yard, www.fixwilsonyard.org for details.
How will Wilson Yard Impact our Economic Future?
Wilson Yard will have a huge impact not only Uptown's economic future, but will have a ripple effect on the surrounding northside neighborhoods. We have an opportunity as citizens to come together and demand that Wilson Yard becomes the vibrant retail center we want. We can change Wilson Yard if we all work together to make it happen. Here's one-way to start now...
Halloween Hoedown at Chase Park
Fix Wilson Yard is hosting a family fun afternoon--Halloween Hoedown--at Chase Park!
* Sunday, October 19
* 1-4 pm
* Chase Park, Ashland & Leland
Storytelling, pumpkin & face painting, cowboy sign-alongs, build your own taffy apple. A perfect way to spend the afternoon with your kids and support your community. $30 recommended donation. Visit www.uptownupdate.com for more details and downloadable flier.
TIF Reform is growing
Wilson Yard is the poster child for TIF abuse. TIF reform is finally moving into the mainstream as citizens and enlightened politicians spotlight much needed reform. Our next e-news will cover how TIF increase your taxes, slide pet projects under the table and give the mayor a huge money resource, and what you can do to politically motivate reform.
If you are not a member or UNC e-news subscriber, please visit www.uncchicago.org today.
UNC, Uptown Neighborhood Council, is a grass roots organization working for balanced economic development and arts & cultural enrichment.
Never doubt that a small group of thoughtful, committed citizens change the world. Indeed, it's the only thing that ever has.
www.uncchicago.org
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