|
The Chicago Planning Commission granted their approval July 10, 2003 on the sale of the 78 year old produce market for a cost of approximately 36 million dollars. When the South Water Street Market was first built back in August of 1925, the cost for the approximate 13 acres of land and buildings was around 17 million dollars. The deteriorated existing houses, then called the Village, a high crime neighborhood, were bulldozed down and replaced by the South Water Street Market.
 The developers and investors of this one million sq. ft. project, Enterprise Companies of Chicago, will turn the six buildings of 4 levels into 824, one, two and three bedroom loft apartments with 4500 sq. ft. of retail property. Costs will range from $175,000 to $400,000 with 58 units being set aside for buyers qualifying under the city’s housing initiative. The development will be called Chicago University Commons located across Morgan Street from the University Village that will be part of the near SW side of downtown Chicago, just minutes away. University Commons is located by the University of Illinois Chicago campus (UIC), which has turned the old Maxwell Street Market Place into a high priced community still under construction. The cost of this redevelopment will be in the 200 million dollar range starting in August/September 2003. Construction will involve the 3 buildings east of Aberdeen Street that divides the market in half.
The market was auctioned off to a few other interested developers taking in all intentions of the 5 highest bidders, Enterprise Companies, was offered the deal because of their interest to not tear down the 78 year old units. Other bidders had intentions of demolition rather than saving and restoring the terra cotta facades, as
Chicago University Commons plans to do.
South Water Market History
So the Market moved, it prospered, it took its place in the sun, but in spite of all the changes brought with the years-the blast of a Diesel horn to replace the gentle whinny of Old Dobbin, the shipping of breadfruit form Caledonia to supplement carrots from downstate Illinois, and chain store buyers to augment the corner grocer-the Market still goes on in the same pattern set about 100 years ago.
Today, imports from 48 states, Canada and more than 20 foreign countries are melded in the Market to give Chicago consumers whatever they desire. Produce from any point in the United States takes between 3 and six days to reach the South Water Market; from overseas it takes a little longer-but not much-by air freight.
(more, While The City Sleeps).
Receiving the court order in January 1925, the Market made frantic preparations to move. The architects, B. K. Goodman and Company, worked feverishly on plans for the new buildings. The people living in the Valley clung so long to their ramshackle homes that the old houses were practically torn down over their heads. Six months later the merchants took possession of their new quarters, 166 stores or units, built at the cost of seventeen million dollars.
The modern market covers eight square blocks, bounded by Racine Avenue on the west; Morgan Street on the east; 14th Street on the north; and Baltimore and Ohio Railroad on the south. The streets were made 100 feet wide and the alleys 42 feet. It was expected that the new market would service Chicago well for the next 25 years at least. Soon it was discovered, however, that the streets were not wide enough, and today the market is badly crowded.
(More South Water Market history)
Receiving the court order in January 1925, the Market made frantic preparations to move. The architects, B. K. Goodman and Company, worked feverishly on plans for the new buildings. The people living in the Valley clung so long to their ramshackle homes that the old houses were practically torn down over their heads. Six months later the merchants took possession of their new quarters, 166 stores or units, built at the cost of seventeen million dollars.
The modern market covers eight square blocks, bounded by Racine Avenue on the west; Morgan Street on the east; 14th Street on the north; and Baltimore and Ohio Railroad on the south. The streets were made 100 feet wide and the alleys 42 feet. It was expected that the new market would service Chicago well for the next 25 years at least. Soon it was discovered, however, that the streets were not wide enough, and today the market is badly crowded.
(More South Water Market history)
| 
