from this morning's Crain's Chicago Business Journal (7/14):
Big plans for Pullman
By: Thomas A. Corfman July 14, 2008
"Billionaire banker Michael Kelly is picking up where utopian visionary George Pullman left off.
The non-profit development arm of Mr. Kelly's flagship Park National Bank has acquired the former Ryerson Inc. steel plant on the Far South Side with plans for a retail-residential development that would revitalize an area the hardnosed industrialist founded as a workers' village in 1881.
The 170-acre Ryerson site at 720 E. 111th St. abuts Park National's 10-story office building along the Bishop Ford Freeway and the landmark Pullman District, where many of the buildings from Mr. Pullman's quixotic experiment still stand.
Crain's has learned that Mr. Kelly envisions a development with up to 1,000 single-family homes in keeping with the adjacent Pullman District's architecture, as well as big-box stores. Development on such a scale hasn't been seen on the South Side since the postwar era, and the project could transform a largely dormant industrial area into a new neighborhood.
About one-third of the site, which stretches north to about 103rd Street between the Bishop Ford and a railroad line just east of Langley Avenue, likely would be dedicated to a new community center or a park, with the rest split between residential and retail developments, a person familiar with the proposal says.
The price tag for such a development could exceed $100 million." ...
for the complete story
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