Since the Hostess Wonder Bread Bakery at 1301 W. Diversey in Lincoln Park closed in January of 2006, my neighborhood has been buzzing about what would become of the 460′ x 125′ property, equivalent to just over 18 city lots. 
The answer was received in the form of a neighborhood notice the other day that the Hostess Wonder Bread Property has been bought by developers at a bankruptcy auction and will be the site of a new residential development. The notice was a call to action, stating that “we need to let our elected officials know we do not want this type density and we want to be sure the power of zoning change is used to get what we want – not a developer”. Within a few days of the notice, a neighborhood meeting was scheduled. I attended the meeting where the site attorney, architect, owner, developer, and broker (Next Realty) presented the details of their progress. Here is what I found out.
- A zoning change is needed as this lot is currently manufacturing. The lot will be changed to a planned use development (PUD), with zoning roughly equaling RM 4.5. PUD’s do not have standard zoning but more on PUD’s in a future post.
- The plans are to position a 32 unit condo building consisting of 1 and 2 bedroom units along Diversey. The building will have ample parking under the building, to include guest spots. Just south, 18 townhouses will wind in a snake-like pattern along the lot which creates a courtyard effect. South of the townhouses, 4 single family homes will be built.
- The PUD can be downzoned, allowing for more single family homes, but not upzoned to allow for more townhouses or condos. The developer would prefer to sell more single family homes if possible.
- Prices for condos will be about $450,000, townhouses will be about $850,000, and single family homes will be about $2,000,000 and up.
- The Diversey and Lakewood sides of the project will be richly landscaped with generous setbacks and the reestablishment of a generous curb.
- There is no retail planned for the project. As such, increased traffic flow will not really be an issue. Had the decision been made to include retail, traffic flow would have increased approximately 4 to 5 times. Living next to an apartment building with retail I can attest that this is true.
- Renderings of the project have been completed by renowned architect, Pappageorge/Haymes. David Haymes was there to walk us through the renderings.
- Plans and permits have not yet been completed and as a result, construction financing has not yet been secured. If all goes as planned, demolition may begin in early 2007. Construction will take about 18 months.
Having seen the renderings, I will have to say they have done a very nice job of softening the lot and transitioning a barren manufacturing site to residential. Kudos to the developer and famous architect for actually meeting with the local neighborhood groups. My main concern with the project is the eastern exposure, especially for the single family homes, as they will look directly into the huge white wall of the Peerless Confection Company. This thing is akin to the Green Monster at Fenway Park. In addition, the truck and train traffic that supports Peerless will of course be ongoing. Build it, but will they come, and if so at what price? 
 
 So one has to ask themselves, would you pay $2,000,000 for a luxury single family home with a view as pictured above? If you can afford a $2,000,000 home, why wouldn’t you choose a more appealing location? Perhaps the Peerless folks can be approached to soften their side of the street. I will keep you posted and link to project renderings as they become available.
