Target buys West Loop parcel

07/29/2010 4:40 PM

By Micah Maidenberg
Editor

6 Comments - Add Your Comment


Target Corporation wants to build a big box store at Jackson and Aberdeen.

Target Corporation has purchased the old Fannie May candy site in the West Loop, in a sale recorded on July 1. The price: $9.3 million.
The seller was Metro 290 LLC. IBT Group had previously planned to develop the property with condominiums and retail.
The sale price was less than half of what the previous owners paid for the land, property records show. In June 2007, Vanburen Aberdeen LLC (which is listed as the manager of Metro 290 LLC) paid $20 million for the land.
Crain's first reported on the sale.
West Loop residents debated the merits of a Target in their neighborhood in late June and more recently in pro- and anti-Target letters to the editor published in Chicago Journal.

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By Frank from Jones
Posted: 08/29/2010 10:33 AM

Rif-raf? No offense to senior citizens but what are you 110? The more development the area has the better our property resale values, the better transportation options we have and a better future for everyone. I am so tired of people blocking progress - we need to change to stay viable.



By John from West Loop
Posted: 08/05/2010 3:19 PM

Target isn't Rif Raf, the projects 10 years ago were Rif Raf. With Walmarts going up in other areas we wont have to worry about outsiders as much as before. I don't understand why someone would complain when the area use to be covered in projects and industrial wharehouses. I forgot how great that looked! The people who complain are most likely renters that have no idea. Less new condo's makes it easier to sell your home if you don't want change in the area. Get the point!



By Armando Chacon from West Loop
Posted: 08/04/2010 2:37 PM

Mike, I can't speak for Target as to why they decided to move forward with the purchase. It seems they may have purchased the property because most of our community supports it so they are essentially rolling the dice and feeling good about their chances. Yes, the process has been rushed, but we now need to focus on the design and other substantive issues in making this store be the best it can for all of us and avoid the drama and political speculation.



By Mike Tomey from West Loop
Posted: 08/04/2010 10:24 AM

At the Target community meeting, everyone was shocked that Target wanted to close on the property by the end of the month. It seems that people's fears of a backroom deal was true and that the community meeting was just for show. So much for Alderman Fioretti's promise to listen to the community. Target wouldn't have purchase this property without assurances that Fioretti would sign off on the deal.



By Bob from West Loop
Posted: 07/31/2010 1:39 PM

Why the concern of rif raf? Always somebody to cry and complain. I'm sick of cryers and complainers. Lets look forward to what this will do for the neighborhood. Would you rather look at a vacant lot?



By Jake
Posted: 07/30/2010 9:22 AM

Isn't anyone else concerned this might bring a lot of rif raff to the area?