Zoning Change for Infamous Rezko Empty Lot?

Could something be in the works for an infamous and controversial gigantic empty space South of Roosevelt (between Clark and the Chicago River)?  A couple reader's received this notice from Alderman Danny Solis (25th Ward):

YOU ARE HEREBY NOTIFIED that a public hearing on the requested Zoning Amendment listed below will be heard at 121 N. LaSalle Street; in Council Chambers, 2nd floor of City Hall, on TUESDAY FEBRUARY 26,2012 at 10:00 AM

YOU ARE RECEIVING THIS NOTICE for the proposed zoning change for an address or addresses within your Ward because your property is either in or within 250 feet of the proposed boundary. Please refer to the legal description and address if applicable and forward any questions to the Alderman who proposed this change.

APPLICANT: Alderman Daniel Solis
APPLICATION NUMBER: A-7859

AREA BOUNDED BY:

West Roosevelt Road; South Clark Street; West 15th Street and the centerline of said street if extended where no street exists; and the South Branch of the Chicago River

CURRENT ZONING

Residential Business Planned Development Ns. 904

PROPOSED ZONING

M2-3 Light Industry District

FOR ADDITIONAL INFORMATION, PLEASE CONTACT ATDERMAN DANIEL SOLIS AT 312-744-6845

Frankly this is pretty surprising.  While we don't claim to be zoning experts, changing from residential to industrial doesn't sound beneficial for our community.

So the million dollar question (or in the case of the value of this land -- billion dollar) is, why the change in zoning?  I assume we need to go to the public hearing for this information.

Image from Middle-East-Online

Anyway, the history and plans for this site are pretty epic.  The first thing we ever heard about this property was that it was eyed for an urban IKEA.  Then we heard it was tied to the infamous (and convicted) businessman Tony Rezko.  His plans were to convert the massive space into "Riverside Park" as seen in the picture to the right (think Central Station).

That plan was derailed for many reasons.  In 2009, the Chicago Journal did a great post looking at the land and how it's a weird untamed and unintentional urban park (with wild coyotes running rampant).  In 2010, Chicagorealestatedaily.com reported that the site was up for sale.  Most recently, it's been discussed for the rumored Chicago Casino (even though that seems like a long shot).  Way back in 2008, we wondered if it could be utilized for the Olympic Stadium - obviously that won't be happening any time soon.

Needless to say, it's a huge piece of land and could be used for so many different things.  So the question remains...are there pending plans for this new land?

(Hat tip:  AA & CC!)