Downtown Chicago: When Redevelopment Goes Sour

The city wants to build a megaproject on the site; developers are spooked by slowing economy.

1 minute read

June 23, 2001, 8:00 AM PDT

"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."

Thanks to Tom Collins

FULL STORY: City Hall wants Block 37 back

Friday, June 22, 2001 in Chicago Sun-Times

Community / Economic Development Illinois

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