New public green space will be created in Washington Park through a City-owned land sale approved today by City Council.
The .75-acre property at 337 E. Garfield Blvd. will be sold to Lake Park Associates Inc. and improved with a grass lawn, pathways and future art installations that are part of the University of Chicago’s Arts Block initiative, which is fostering arts-related development along East Garfield Boulevard. Total project cost is $105,000.
The $25,000 sale price is discounted from its $475,000 appraised value due to anticipated environmental costs of remediation that will be party paid for through $166,000 in TIF assistance.
The project will generate seven full-time and approximately two part-time positions.
Lake Park Associates is a real estate entity affiliated with the University of Chicago.
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