May
31

$1 Billion Wolf Point Project Meets Opposition

May 31, 2012
proposed wolf point rendering

Wolf Point Rendering

Yesterday, Chicagoland Real Estate Forum released the details concerning the $1 billion development for the three tower project located on Wolf Point. The property, located where the Chicago River’s north and south branches meet, sits on 3.9 acres just southwest of the Merchandise Mart.

42nd Ward Alderman Brendan Reilly hosted a community meeting to release information about the Wolf Point project at a Holiday Inn. However, it was not a clear cut path to victory as many area residents (over 300 citizens attended the meeting) are not pleased with how the Chicago real estate development will potentially affect them.

The Wolf Point project is facing opposition from a group called Friends of Wolf Point who voiced their concerns at the Tuesday meeting. According to their website, Friends of Wolf Point is a not-for-profit, educational organization created by the residents of the Fulton River District and River North communities to ensure that future development of the site is in the best interest of the city and its current and future residents.

Chief among their worries is the increased traffic the new development would bring to an already congested area of the city and the fact that the towers would block the sought-after city views tenants in nearby buildings enjoy.

“A great deal of development has occurred around the site in the last 40 years with little or no infrastructure improvements,” said Ellen Barry , President of Friends of Wolf Point.  ”The neighborhood is no longer a sparsely populated industrial area.  It is bursting at the seems as it’s now home to more than 10,000 residential units, a growing commercial sector, and a vibrant restaurant and entertainment scene.”

“Traffic and safety considerations for a site with such limited access are crucial,” said Reuben Hedlund , attorney for Friends of Wolf Point. “The zoning and planning process cannot be short circuited.  Friends of Wolf Point is requesting that Alderman Reilly require that community residents, first responders and traffic analysts all have input to and approve any proposed plans.”

“This is just the first of what will likely be several meetings about Wolf Point,”  Alderman Reilly said at the meeting. “Making sure that we’re promoting good projects that promote downtown Chicago prosper and grow, while also doing our best to address legitimate quality of life concerns and also infrastructure concerns.”

Stay tuned for the latest development in the Wolf Point saga.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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