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EDGEWATER DEVELOPMENT CORPORATION
Development Opportunities in the Devon Avenue/Clark Street Corridor
S. B. Friedman & Company worked with
the Edgewater Development Corporation to identify commercial and
residential development opportunities for an area of Devon Avenue
located between Broadway and Clark Street, and Clark Street between
Devon and Rosehill avenues on Chicago=s
North Side. The scope of the project included a market assessment for
both residential and commercial uses, land use analysis, and
identification of development opportunities for various blocks and
sub-areas.
The firm prepared a
comprehensive planning and market analysis document that segmented the
corridor into three sub-areas based upon future potential dominant
land use patterns. To achieve the sub-area development objectives
based upon these future dominant land use patterns, several
implementation strategies were included. These strategies included
zoning changes, Tax Increment Financing (TIF) designation, Special
Service Area designation, capital budgeting programs, Community
Development Block Grant resources, marketing and business attraction
strategies such as the National Main Street Project, and developer
recruitment.
Results: After extensive review and consultation on the report
conclusions with the Edgewater Development Corporation, the Alderman=s office, and City of
Chicago Department
of Planning and Development staff, a Tax Increment Financing (TIF)
eligibility study and redevelopment planning process for the
Clark Street
corridor began.
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