Board Voted to Accept Transfer of Chicago Transit Authority Property to Expand Jacob Park
Yesterday the Chicago Park District Board of Commissioners approved the acquisition of land from the Chicago Transit Authority at 4658 N. Virginia Ave. for the expansion of Jacob Park, a .39-acre area in Lincoln Square.
The .26 acre river property is adjacent to Jacob Park, which currently features a playground with slides and swings plus a sandbox. With support from residents and the alderman, the new acquisition will expand the existing park as well as access to the river and passive space.
“The expansion of Jacob Park will offer additional recreational opportunities for both Chicago families and visitors,” said Chicago Park District General Superintendent and CEO Michael Kelly.
The Chicago Transit Authority owns property and intends to transfer it to the Chicago Park District for a purchase of $99,999, which is well below the market value for this river front property.