CUED
Center
for Urban Economic Development
University of Illinois at Chicago
Analysis
of Development Potentials 47th Street and King Drive Project:
A Reevaluation
Project Number: 121
Report Date: April 1980
Author(s): Wim Wiewel
The Center for Urban Economic Development of the University of Illinois at Chicago Circle has, on behalf of Minority Economic Development Systems, Inc., undertaken a review of "Analysis of Development Potentials 47th Street Project Site" by Larry Smith and Company, Inc., of November 1970. Our analysis leads us to believe that data which have since become available do not support the report's conclusion regarding the feasibility of a large department store on 47th Street and Martin Luther King Drive. Our analysis of current population and income data forces us to conclude that now, as in 1970, a department store is not a feasible use of the site.
Evaluation of the 47th Street commercial strip, and the strengths and weaknesses of the trade area, suggests that commercial revitalization is more likely to succeed by working on the improvement of existing businesses than by waiting for a prime user with a significant impact. Once revitalization efforts are underway, new shoppers goods stores may be attracted to the site. The report contains recommendations for which types of stores seem most appropriate.
We recommend the following actions:
1. Discard
the notion of attracting a department store.
2. Continue current uses of the
building on short-term leases for other than shoppers goods stores.
3. Offer
long-term leases to shoppers goods stores which may be interested in locating
in the building.
4. Develop a commercial revitalization plan focusing on existing
buildings.
5. Seek funding for an organizer to establish an active businessmen's
association.
6. Once 4 and 5 are underway, commission an in-depth market feasibility
study to assist in the attraction of appropriate new stores.
7. Based on the
market feasibility study, further developmental steps can be specified.
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