Monday, September 22, 2008

Redfin Asks About Wilson Yard: "TIF-ed Off?"

The word about the Shiller Shell Game is spreading:

Just north of Wrigleyville is an exciting urban neighborhood called Buena Park. Squashed between Wrigleyville, Uptown and the lake, it is something of a secret that has terrific potential. Unfortunately, alderman Helen Shiller, for years has ignored cries of neighborhood residents to provide an atmosphere for more retail businesses, that is, until recently.

A few months ago, Peter Holsten began development on a deserted parcel of land, Wilson Yard, which was formerly a CTA bus barn. The development is controversial because it is using Tax Increment Financing (TIF) money from the city for the project. The original proposal called for a 12-screen movie theater, an Aldi supermarket, a Target, residential housing and street-level retail space.

Read the rest of the article here.