Is Another Transit-Oriented Development About To Tower In Logan Square?
By Stephen Gossett in News on Oct 31, 2017 7:11PM
2525 North Kedzie Boulevard / Google Maps / Screenshot
From potential boutique hotels to prominent restaurant and bar turnover to a possible transit makeover, the bustling Logan Square circle is either witnessing or prepping for some major transitions. But news of one of the most transformative changes has just emerged: The parcel of land at 2525 N. Kedzie Blvd., which houses City Lit Books and First Midwest Bank, is being shopped by the CTA—which owns the property—as an optimal candidate for a transit-oriented development (TOD).
The CTA issued a Request for Proposal to lease the property. "This 43,154 square foot parcel represents a prime Transit Oriented Development opportunity in the heart of Chicago's Logan Square neighborhood," the RFP notes. The property once housed an entrance for the nearby Logan Square Blue Line, according to DNAinfo, which first reported the story.
According to the RFP, the property is leased out to First Midwest through March 31, 2018. City Lit Books has a sublease through the bank through that same date, the CTA notes. Proposals are due in to the CTA on November 28, according to the contract solicitation notice.
CTA spokesperson Tammy Chase told Chicagoist by email that agency anticipates "that it will likely be utilized as a mixed-use retail/residential project." But since the procurement process is still ongoing, no information about submitted proposals could be provided.
The TOD boom seems to show no sign of abetting, and it's definitely had an effect on Logan Square. The two-tower behemoth MiCa cranes over the neighborhood's southwest area, near the California Blue Line stop. Property right across the street from MiCA went up for sale in August for $4.5 million, with the listing agent noting the parcel's TOD "potential."
TODs have had a tricky history, since they started bursting on the landscape in Chicago a few years ago. Many density advocates cheer them for boosting housing stock near CTA stations for non-motorists, while others have viewed them suspiciously as harbingers of gentrification. In any event, with CTA ridership taking a hit thanks to ride-share, it's probably not a bad idea for the agency to shore up revenue from any mega-lucrative real estate it happens to have on its hands.
This post has been updated.