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Sale of Vacant City-Owned Land to Homan Gateway LLC for Public Plaza in West Garfield Park

  • When: 2025/06/18
  • Address: 3401, 3407, 4401 W Harrison Street and 610 S Homan Avenue, Chicago, IL
  • City: Chicago
  • State: IL
  • Category: City Properties
  • Subcategory: Property Sale
  • Asset Class: Land
  • Property Type: Parks
  • Size (SF): 11917 SF
  • Size (AC): 0.27 AC
  • Size (Dollars): $3,575

The City Council approved the sale of multiple vacant City-owned parcels to Homan Gateway LLC for $3,575. These parcels, located at 3401, 3407, and 4401 W Harrison Street, and 610 S Homan Avenue in the West Garfield Park Community Area, Chicago, Illinois, will be developed into a public plaza, known as Homan Harrison Pocket Park. The combined market value of the land was assessed at $35,751 by CBRE Group, Inc. The sale price represents 10% of the market value, reflecting the public benefits provided by the proposed development. The development of the public plaza, which includes features like enclosure, secured entry, timed lighting, an art installation, permeable pavers, and native plant species, must be completed within twelve months of the deed date. The City of Chicago acquired these parcels through foreclosure of demolition liens and tax sales, aiming to return them to productive use. Public notices for the sale were advertised on the ChiBlockBuilder website and in the Chicago Tribune, with no alternative proposals received. The City retains certain rights of reverter if development conditions are not met within five years.

Source

Applicant - Homan Gateway LLC


Ownership - City of Chicago


Developer - Homan Gateway LLC