Unlucky Chicago Site May Finally Be Developed

26 April 2007 - 6:00am

Two new developments may finally bring an end to a long streak of bad luck for a site in downtown Chicago, where projects just couldn't seem to get finished. The city changed its development strategy and is hoping the new projects revive the site.

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"One project after another fell through as some of the most high-profile developers in the city tried and failed to line up tenants and financing for a series of mixed-use projects, all of which were announced with great fanfare and then never heard from again."

"Indeed, it is estimated that about $300 million in public and private funds was spent on failed development projects for the site over the years."

"The city has assisted the developments by selling the land for $12.2 million, which is about a third of its market price."

"More important, the city, in the early 2000s, changed its expectations for the site. Instead of holding out for an all-at-once megaproject by a single developer, it decided to take a more ad-hoc approach by appointing a master developer, which was then free to sell off the development rights to different components of the project."

Source: The New York Times, Apr 25, 2007

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Bravo For Chicago!

The time has come for this project and it will certainly represent a "shot in the arm" for downtown Chicago. I will be keeping my eye on the progress of this development.

David M. Long, Esq.
Principal
Smart Growth Development Advisors, LLC
www.sgdadvisors.com