Tuesday, May 3, 2011

PNC Bank Coming To Prime Corner Wilson Yard Storefront

Looks like the real estate flyer got one right (we're still bitter that the promised "Five Guys" space has morphed into a Weight Watchers space).  The big space on the corner of Montrose and Broadway in Wilson Yard is going to be a PNC Bank, according to this building permit filed April 4th ("VANILLA BOX AND TENANT BUILDOUT OF A 3,100 SF PNC BANK IN AN EXISTING BUILDING").  We can only imagine whose dollars are going to pay for the $372,000 building costs.  (The same day, a building permit for Subway, at 4436 N Broadway, next to Hair Cuttery, also was filed.).

We certainly don't object to empty storefronts being filled, but Uptown already had plenty of empty storefronts before Wilson Yard sucked up tens of millions of dollars in property tax money.  The nominal reason for Wilson Yard?  To save this "blighted area" with retail that would revitalize Uptown's economy. 

So what's going into the prime corner space? A bank -- which produces absolutely no sales tax, which does not attract shoppers to the area, and which is closed for most of the weekend, the biggest shopping days.  Yeah, that's sure retail that's going to economically revitalize the area.  Just underscores what a total boondoggle the whole Wilson Yard TIF turned out to be.  But hey, have you seen the new $3.5million greenhouse at Uplift High School?  Say thanks to all the homeowners who'll be paying for it for 23 years.

Here's the latest rendering from Baum Realty.  It looks like The Bedding Experts and HRDC Holsten Real Estate Development Corporation are scheduled to come to other storefronts:

May 2011
February 2011
Update:  So -- over $100 million in real estate taxes diverted from funding schools, police, and firefighters, and "the retail that saved Uptown from blight" includes:
  • Two empty storefronts
  • Three non-sales tax-generating entities (Weight Watchers, PNC Bank and Holsten Real Estate services)
  • One business that moved (Chicago Nails), leaving another empty storefront a block away
  • One business (Aldi) that already existed, but got a brand new building
  • Target, AT&T, Bedding Experts (promised), Subway (promised), Play N Trade video games (promised), and Hair Cuttery
We're delighted for the new businesses.  But $112 million could, and should, have done so much more.
By -

29 comments:

  1. megMay 3, 2011 at 11:20 AM

    I've actually been hoping for a PNC. With Chase and Harris now charging for checking, PNC offers a good alternative. Does Bridgeview charge for checking?

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  2. WeekendMay 3, 2011 at 11:34 AM

    Did Uplift actually get that greenhouse?

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  3. MiaReinventedMay 3, 2011 at 11:56 AM

    PNC is a bank that does a tremendous amount to give back to the communities it operates in whether its the Arts, Sports, or early childhood development. In cities like Detroit they are focused helping communities rebuild through small business loans, mortgages, etc. I have been hoping for a PNC in Uptown for a while because it needs businesses who will invest in the community.

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  4. SassyMay 3, 2011 at 11:57 AM

    Yawn, yawn, yawn for all those options.

    On the other hand

    1) Weight Watchers is better for you than Five Guys
    2) Banks tend to have excellent security and lighting
    3) If these businesses show good revenue, this will look like a promising location to other businesses in the future.

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  5. AnonymousMay 3, 2011 at 11:58 AM

    My best guess on HRDC according to Google...
    *HRDC - Head Start Development Centers

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  6. Uptown RisingMay 3, 2011 at 12:41 PM

    Ald-elect Cappleman also mentioned at yesterday's BPN meeting that there was going to be an exciting announcement about the Wilson El stop coming soon and also mentioned something about exciting retail so hopefully when the announcement is made all will be for the best.

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  7. cliftonianMay 3, 2011 at 12:58 PM

    Another Subway? You can't swing a cat in our area without hitting a Subway. Come to think of it, the same goes for phone stores, nail salons and banks. I was hoping for a Panera or some other retail where there aren't a dozen of them within walking distance.

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  8. gayleMay 3, 2011 at 1:18 PM

    I still vote for a bridal/formal salon to attract business from here and elsewhere on the North Side, with a knockoff of Princess Kate's gown displayed in the window.

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  9. megMay 3, 2011 at 1:20 PM

    I'd love ANY news about the Wilson L stop.

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  10. ChiTownPhillyMay 3, 2011 at 1:20 PM

    Mmmmm if only a Chipotle were coming to the Yards.

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  11. BradleyMay 3, 2011 at 1:30 PM

    Isn't HRDC Peter's Real etate Development Corp.?

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  12. miss kittyMay 3, 2011 at 1:36 PM

    HRDC = Holsten Real Estate Development Corporation.

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  13. WillMay 3, 2011 at 2:03 PM

    Hey, at least it's not another currency exchange or payday loan center.

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  14. ButternutMay 3, 2011 at 2:57 PM

    This would be a perfect spot for a medicinal marijuana dispensary :)

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  15. megMay 3, 2011 at 3:31 PM

    gayle - that's a good idea. butternut - oh please no! ;)

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  16. JasonMay 3, 2011 at 4:04 PM

    Banks generate foot traffic that attracts retail tenants. We're in the middle of the worst recessions in a very long time and it's near impossible to lease up commercial space. So I don't really see a problem with this. It's actually amazing they've got those tenants. Revitalization has to begin somehow, and this could be a very good start for that location.

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  17. ChiTownPhillyMay 3, 2011 at 4:18 PM

    I agree with Butternut. But that is all up to the Illinois House and Senate now! I imagine Uptown would be a perfect place for a dispensary if they were permitted under Illinois Law. Tons of empty store fronts, and probably a higher rate (than most surrounding neighbors) of people that would require or qualify for the use of medical marijuana. Not to mention, they are tax paying businesses that would bring money and people to Uptown. And unlike the 'drug' trade here now, this one wouldn't attract crackheads and gangbangers.

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  18. MicheleMay 3, 2011 at 5:35 PM

    Would like a childrens Shop or a boutique like Hazel in Ravenswood. We dont have anything like those shops. A pastry shop like Flourish or something vegan might bring people from other neighborhoods. Potbelly or Einsteins over Subway.

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  19. MicheleMay 3, 2011 at 5:36 PM

    Again, nothing draws a big crowd in the summer like a Dairy Queen.

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  20. UnknownMay 3, 2011 at 8:12 PM

    I wanna Dairy Queen!!

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  21. Uptown RevivalistMay 3, 2011 at 8:35 PM

    I'm so glad that we paid way over market value for condos to the "less fortunate." I'm sure they're all buying smart with their Link cards & dutifully seeking gainful employment among the empty storefronts. Some day we'll learn.

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  22. Starck MadMay 3, 2011 at 9:36 PM

    In my humble opinion, while a bank certainly is better than another nail salon, or liquor store....I'd much rather have something like a Trader Joes move into the big corner space.
    (they're owned by Aldi, just up the street, and most of their prices are good).
    I'd be very curious to see, what the residents of Wilson Yard want?

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  23. AndyMay 4, 2011 at 7:03 AM

    No matter what businesses move into this space, Uptown residents would still complain.

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  24. JasonMay 4, 2011 at 11:39 AM

    Seriously!?! A Bank will bring in foot traffic that will help attract other retail tenants. Given that we are in the midst of one of the worst recessions in US history, I'm surprised they found any tenants at all! As for Subway, at least they have some healthy choices of food. You can't please everyone . . .

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  25. AnonymousMay 4, 2011 at 12:07 PM

    It beats "Harolds Chicken" or another currency exchange/mini mart as others have posted. For those who want a boutique type shop... .... Well, let's be reasonable.. One can eventually hope for a Potbellys or better yet a Chipotle. In addition, Subway may have healthy choices.. however a Five Guys has a much better economic outlook on the neighborhoods they go into.

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  26. Starck MadMay 4, 2011 at 9:15 PM

    "zuctronic" I'm guessing you're new to Uptown.
    If you've lived here for any period of time YOU would have something to 'complain' about.

    Especially as it relates to the way Wilson Yard came about, and was presented to us.

    Enough said.

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  27. Maisie's MomMay 4, 2011 at 9:49 PM

    wait, where exactly are all these nail salons? I can't think of one within walking distance.

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  28. megMay 5, 2011 at 7:53 AM

    There's one on Wilson & Broadway by the Baskin Robbins and a lot on Broadway north of Lawrence.

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  29. UnknownMay 7, 2011 at 10:24 PM

    I would totally make a special trip over there for access to a PNC! There are none convenient to the area, which has been a problem the whole time I've lived in Chicago (back when they used to be National City...).

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