Wicker Park Booster
August 15, 2007
By Mark Lawton

A new city proposal could make it more difficult for banks to locate along a stretch of Milwaukee Avenue in Wicker Park.

On July 19, the City Council approved an ordinance designating the 1200 through 1600 blocks of North Milwaukee Avenue a "pedestrian retail street." Alderman Manuel Flores, 1st, sponsored the ordinance.

"It provides for additional review and analysis to make sure you have the appropriate type of commercial development along the Milwaukee Avenue commercial corridor," said Flores. "It makes sure there is a balance of different businesses locating along Milwaukee."

Specifically, banks that wish to open within 600 feet of an existing bank will need to be reviewed by the city's Zoning Board of Appeals, where aldermen have a strong influence.

The ordinance was motivated by Bank of America's March announcement that it planned to open a branch at the intersection of Damen, North and Milwaukee avenues. The branch will take over the space occupied by Swank Frank -- which moved to Logan Square -- and the popular coffee shop, Filter, which closed in July.

The six-corner intersection already contained a Midwest Bank and North Community Bank. Community groups and many residents were unhappy with the news.

Elaine Coorens, president of the Wicker Park Committee, was pleased to hear that prospective banks won't find it as easy to locate along Milwaukee Avenue.

"I think it's a terrific idea," said Coorens. "Having banking institutions so close to each other is really detrimental to the economic viability of the neighborhood. It certainly doesn't attract people to the neighborhood."

Paula Barrington, executive director of the Wicker Park and Bucktown Chamber of Commerce, said that while the chamber is not opposed to financial institutions moving into the neighborhood, there is something to be said for a diversity of businesses.

"On a particular street, you need a good balance," said Barrington. "You need a bank, restaurants, retail shops. All of those create synergy between businesses."

Geoff Smith, a research director at the Woodstock Institute, a Chicago nonprofit that works to promote community reinvestment and economic development in lower income and minority communities, says it can be difficult to keep banks out of a neighborhood.

"Banks, along with other types of chain retail, they value location and pay a lot of (money) for that location," said Smith. "I think the ultimate effect is that they raise rents along commercial areas. That makes it more difficult for local businesses to pay those raised rents."

Alderman Scott Waguespack, whose 32nd Ward covers part of that intersection, said he had not thought about applying for pedestrian retail street status for that area, though he approves of Flores' ordinance.

Milwaukee Avenue's new status, however, will not impact Bank of America's plans to locate a branch at the intersection of Damen, North and Milwaukee Avenues.