|A gated entry to the Tempel Steel manufacturing campus. The entire 21 acre property is for sale. All photos Eric Rojas, Broker, Kale Realty|
The Tempel Steel site is for sale in the Bowmanville neighborhood of the 40th Ward. This is a hot development topic for surrounding North Side neighbors and businesses. Any development can have an up or down effect on surrounding property values. It would be the largest property sale in the new 40th Ward alderman's early term (and maybe the entire term) and will surely impact housing in Bowmanville and western Edgewater in some way or another.
First, the alderman stated he'd been approached about residential development. He is adamant that a zoning change application for residential must include an affordable housing component - which is expected and required. However, I took it the affordable housing component must well exceed any minimum required by the City of Chicago Affordable Requirements Ordinance.
It could stay and industrial/ manufacturing campus "as of right". It won't necessarily be converted to a residential development.
The bottom line is there is nothing close to getting done at the time of the meeting. Any re-development would have to go through the Community Zoning Process of the 40th Ward. Here's a past statement from Alderman Vasquez and a Block Club story on the Tempel Steel sale offering.
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