East 39th Street Commercial Corridor Plan by Chris Devins

chrisdevins

Street Commercial Corridor Plan is a comprehensive commercial real estate development plan that envisions the future of the East 39th Street Commercial
Corridor and the surrounding 2 mile trade area in Chicago, based on current demographic, real estate market, zoning, land use, political and commercial business data. For more visit Chris Devins Creative on the web. https;//chrisdevinscreative.com

DEVELOPMENT ACTIVITY

Oakwood Shores

Lost population density on the corridor

is slated to be replaced. At the eastern

end of the corridor, the 94 acre Oakwood

Shores development is roughly

bounded by 35th Street to the north,

Lake Park Avenue to the east, Pershing

Road to the south and Martin Luther

King Jr. Drive to the west. Originally

the site of 3,500 public housing units,

when finished Oakwood Shores will add

3,000 units of new rental and for-sale

housing to the corridor. The for-sale

properties are priced between $179,000

and $389,000. Construction began in

2003 and will be completed over several

phases. An exact timeline has not been

published by the CHA.

Rental Phase 2, located along Pershing

Road between Cottage Grove Ave.

and Vincennes Ave. consists of 199 new

CHA, affordable and market rate rental

units. Rental unit features include custom

landscaping, dishwashers, a patio

or deck with each unit, energy efficient

central air, private and guest parking,

in low rise, 3 story or less brick buildings.

Developers include UJIMA (rental

and for-sale), The Community Builders

(rental), Granite Development (rental

and for-sale) and MB Real Estate (forsale).

When these units are completed

and occupied, there will be a need once

again for a nearby neighborhood center

where goods and services can be obtained

7 .

Metropolis

Announced in February of 2007 by Capri

Capital Partners LLC, the residential/retail

mixed use development Metropolis

will be coming to the western end of

the corridor at 39th Street and South

State, anchored by a 60,000 square

ft. Roundy’s grocery store. In a joint

venture with Judson Investment Company,

“The Metropolis,” is a three phase

mixed-use project that when finished

will be approximately 1,000,000 square

feet in size. The first phase consists of

330,000 square feet of commercial retail

area and 102 residential condominium

units at a cost of $155 million. The initial

phase will include green space surrounded

by two six-story curved steel

and glass buildings. Future phases include

three towers dedicated to residential

and hotel uses. The development is

slated for completion by 2013 8 .

Figure 7 Metropolis at 39th and State Street Source: EveryBlock

7 “Individual Development Page | Chicago Housing Authority.”

Home | Chicago Housing Authority. Web. 16 Nov. 2011.

.

8 “Breaking News, Press Release Distribution, Targeting and

Monitoring, Public Relations and Investor Relations Services,

Multimedia and Press Release Optimization, Enhanced

Online News, and Regulatory Filings.” Press Release Distribution,

Financial Disclosure, Online Newsrooms, PR, Public

Relations, Investor Relations, EDGAR Filing, XBRL, Breaking

News, Business News, Financial News | Business Wire. Web.

16