Development on the new Prospect Park is set to begin with the demolition of several building starting March 18, as The Illinois Historic Preservation Agency announces it has injected more than $700 million into the state economy.
Chicago, Illinois, March 13 2015: Development of the former Park Ridge Youth Campus is set to begin with the demolition of several buildings as it transforms into the new Prospect Park. The demolition work begins on March 18, though construction work – set to start in late May or early June – still awaits permits from the Metropolitan Water Reclamation District.
The total budget for the building works has been confirmed at the $13 million agreed in 2013, and includes the $6.4 million purchase price of the site.
The park promises to be an exciting new city amenity, housing the following:
- Athletic field
- Outdoor performance area
- Splash pad
- Multi-purpose building
In addition there will be a walking/jogging path, though plans for paddle tennis courts have been shelved due to financial constraint at this time.
Not all buildings on the site are to be demolished. Wohlers Hall will be used as an administration center, and the Historical Society plans to transform Solomon Cottage into a heritage center. Meanwhile, Emery Park has been saved from demolition by the Illinois Historic Preservation Agency.
Separately, the Illinois Historical Preservation Agency has said that the help it has provided to private developers and property owners in order to qualify for federal tax credits has pumped more than $726 million into the state economy. This is higher than any other state for projects that seek to rehabilitate historic building, with estimates that a further $628 million will be spent on projects currently underway.
This money flows directly into the state economy, by way of materials spending by developers and then the spending of wages by thousands of workers engaged on by the developers. And a strengthening local economy is key to continued growth in property valuations and rental occupancies.
The Illinois Historic Preservation Agency has a mission to collect, preserve, interpret, and communicate he diverse heritage of Illinois to educate the public by providing access to historic resources in the state. It operates 56 historic sites and monuments, and assists communities attempting to preserve their historic resources by administering tax incentives and more.