Downtown Chicago: When Redevelopment Goes Sour

"Plans call for the city to turn over the property, perhaps for free, to others who appear likely to get something done. But a slowing economy has scared lenders away from the sort of megaproject the city wants for the land. Without a red-hot economy, Block 37 could remain vacant for several more years.The city pulled the plug after the land's owners scaled back plans that were approved in January. What was once a planned $250 million complex of stores, a hotel and high-end condominiums became in the revised version just a retail "box" anchored by a Lord & Taylor department store."