Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Redevelopment topic
No spam. Unsubscribe anytime.
City plans market study for Sheridan Crossing after remediation groundbreaking
Summary
City staff told the Economic Development and Zoning Committee they will seek proposals for a market study to determine viable uses—hotel, retail, entertainment—for Sheridan Crossing after recent remediation groundbreaking.
City staff told the Economic Development and Zoning Committee on Sept. 15 they will advertise a request for proposals for a market study for the Sheridan Crossing site following a recent remediation groundbreaking.
The market study would analyze whether the site can support hotels, restaurants, retail or entertainment venues and provide data to attract developers. "Developers will be a little, they'll shy away from submitting a request, proposal for the site because they won't have certainty," a staff member said during the presentation.
Why it matters: Sheridan Crossing is a large redevelopment site near Lake Michigan; a professional market study is intended to reduce developer uncertainty and inform a later request for proposals to build vertical development after remediation is complete.
Staff said the study should include national and comparable federal-installation examples, demographic analysis, and demand estimates. The presentation named a hotel as a primary target because that market is "leaking" outside North Chicago to neighboring communities. Staff indicated the RFP for the market study would precede a developer solicitation likely to occur after remediation and noted that remediation will be complete before vertical construction is expected.
Next steps: staff will draft and advertise the market-study RFP; findings will be used to shape a future developer RFP.
