Choose an edition: Wash DC | Chicago

Target Buys Cabrini-Green Lot

  • January 26, 2012

by Erin Calandriello

image
Cabrini-Green before teardown, proposed site of Target

One of Chicago’s most infamous housing projects, Cabrini-Green, was knocked down last year, and Target is aiming to build a new store in its place, Crain’s reported last night. Crain’s writes that Target purchased a 3.6-acre lot for $8.8 million where it plans to construct a 150,000 square-foot store.

The land was originally owned by the Chicago Housing Authority, but Target exchanged land it owned at Clybourn Avenue and Larrabee Street (map) for the former Cabrini Green site down the street. CHA officials confirmed that the land at Clybourn Avenue and Larrabee Street “will be included in the redevelopment of the Cabrini area,” but did not go into specifics.

According to Crain’s, this move seems to be part of a bigger plan to jump start growth in the Clybourn Corridor area, which has struggled to put itself on the map.

Chicago-based Structured Development LLC, which originally sold Target the property at Clybourn Avenue and Larrabee Street, was in dire financial straits last year and is selling off its properties to commercial enterprises, like Target, and paying back its debts to banks allowing Structured and its partners to invest money into the area by building a mixed-use development that will house residences and retailers from a supermarket to restaurants, a parking structure, a YMCA, and a shopping center that will include tenants Buy Buy Baby and PetSmart.

This article originally published at http://chicago.urbanturf.com/articles/article/target_buys_cabrini_green_lot/5003

Lauren Mitrick

Newman Realty

773-480-5078

Serving:

Old Town

Gold Coast

Wrigleyville

Choose an edition: Wash DC | Chicago