The city of Chicago has approved the sale of roughly five acres on the Far South Side to a little-known developer who plans a $21-million retail project that could be anchored by an Aldi supermarket.Crown Commercial Real Estate & Development Inc. is to pay $1 for the city-owned parcels in the Roseland neighborhood, President Musa P. Tadros says. The land is on the southeast and southwest corners of 115th Street and Michigan Avenue.
The sites Mr. Tadros is to buy from the city are part of a roughly 8-acre parcel where the three-building, 90,000-square-foot project is planned. Mr. Tadros already owns part of the land and is negotiating to buy the rest.
Mr. Tadros says paying next to nothing for the site is the only way he can afford to charge low rents and entice businesses to come to Roseland, which often struggles to attract retailers.
A spokeswoman for the city’s Department of Community Development says selling the land for below market value benefits the neighborhood, too.
“It’s a blighted area, underutilized with vacant buildings,” she says. The project is “not only going to bring in jobs and property taxes, but it will also bring a grocery store.”
Read the whole thing. Musa Tadros helped to develop what is now Chatham Village shopping center that has Target as an anchor on 85th and Cottage Grove. He even has a connection in the Roseland neighborhood with a grocery store he once owned on 115th & Michigan.
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