History
The Chinese American Development Corporation (CADC) was formed on March 30, 1984 for the sole purpose of purchasing and developing the 32-acre (130,000 m2) site. Planning for the development of Chinatown Square has faced many hurdles since the idea's inception. The community faced competition for the site from a bid to move the United States Post Office's Main Office from Congress Parkway to the site. The Chinese American Civic Council rallied community support against the USPS' plans so that the site could be used to expand Chinatown. The turning point came when then Chief of Staff to Senator Paul Simon (D, Illinois), Nancy Chen, lobbied the Senator who intervened on behalf of the Chinese community. The Senator's parents were Presbyterian missionaries in China and he felt a deep sense of community with the Chinese people.
When environmental contamination was discovered on the site, the owners, BNSF Railway, balked at the high cost of remediation and sought to cancel the sale. Senator Simon negotiated a compromise. The railroad paid for the removal four feet of contaminated soil that was replaced with a clay cap before closing the transaction.
Financing for the purchase of the land was arranged by the then Mayor of Chicago, Harold Washington. A loan for $4–6 million at a below-market interest rate was made by the City of Chicago to CADC for the purchase of the land. The liaison between the City of Chicago and CADC was Valerie Jarrett, who is currently one of President Obama's advisers. The City of Chicago further supported the project by using Tax Increment Financing (TIF) to finance the construction of infrastructure that served the project.
Governor Jim Edgar (R) supported the project by having the State of Illinois present a $1 million grant to the Chinese American Development Fund (CADF) as a 501(c)(3). The CADF was formed for the creation and maintenance of a Chinese American Museum that would be housed in the former commissary building.
The State also financed the building of affordable housing on the site. The construction of the residential portion started after the completion of the commercial portion in 1993. These were among the first residential buildings built on the site. The residential development was faced with a deep recession and a slow absorption rate, the project floundered after building the first 24 residential units north of China Place. A partnership was formed with Richland Realty to develop the remaining residential portion. Subsequent sale of land resulted in the building of a senior's housing project by the Chinese American Service League, plus the Chinese American Service League's own main office on Tan Court. Another portion on Cermak and Princeton was sold to Walgreens.
The last expansion of the mall was in the summer of 2007; this phase eliminated the bankrupt Oriental Foods, a huge supermarket that acted as an anchor store on the East Side. More specialty shops and a bank were added.
The Chicago Park District unveiled plans for a large park running along the Chicago River near Chinatown Square in 1991. The first phase was the "Passive" park which is now the Ping Tom Memorial Park. The park still has eleven acres of undeveloped land, and plans are in the works for further improvements.
Read more about this topic: Chinatown Square
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