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

IMPLEMENTATION

The East 39th Street Commercial Corridor Plan acts as a guide for redevelopment within the Trade Area, however

it is only the first step of the process. Continuing action to implement the vision is necessary if efforts are to have a

long-term impact. Implementation will require the partnership of elected officials, residents and the private sector.

Capital Expenditures

Some of the development along 90/94

should be funded through the capital

budgets of the State and the City utilizing

federal transportation monies for a

share of the cost since Interstate 90/94

is a state highway, therefore eligible for

state and federal funds. The Transportation

Equity Act for the 21st Century or

TEA-21 makes federal transportation

funds available for projects that benefit

pedestrians and bicyclists 17 .

Tax Increment Financing

The western end of East Pershing, from

400 East Pershing to 200 West Pershing

is inside Tax Increment Financing district

61. Funds from this district are already

being used to help finance the Metropolis

development at East 39th Street

and State, which can be considered the

catalyst project that will get commercial

development started. Funds should

next be tapped to make improvements

to the facades of buildings along

the corridor, since in the near-term of

17 “TEA-21 - A Summary - Protecting Our Environment.”

Home | Federal Highway Administration. Web. 16 Nov. 2011.

.

one to three years it is doubtful that

more commercial retail buildings will

be erected except for projects already

begun. Funds should also be tapped to

beautify the streetscape and prepare it

for the future residents of the Oakwood

Shores and Metropolis developments.

The TIF district was designated in 1998

and expires in 2022, encompassing 491

acres. It supports the rehabilitation of

existing structures and provides incentives

for new construction on vacant

land. Among the district’s priorities are

business expansion and cultural projects

that promote the area’s attractiveness,

which makes it a good potential funding

source for the billboard/mural identity

campaign suggested later on in this

plan. Recently, funds were used to pay

the debt service of the Pershing Courts

affordable housing development and for

Dunbar Park, among other things. Most

importantly, $64,000 was spent to improve

the lighting in the study area. The

table below shows 2009-2011 activity in

the fund.

EXPENDITURE YEAR AMOUNT BALANCE

Table 5 39th Street TIF Source: City of Chicago

35