Unlucky Chicago Site May Finally Be Developed
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.
"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."
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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