Quote:
Originally Posted by ardecila
^ Historically when viewing Chinatown development there has been a trend of large proposals coming and going, with relatively few actually getting built. That's the reality of the development industry everywhere, but the Chinese community tends to publicize these large projects that may or may not really be feasible.
If something does get built, often it is downgraded significantly - remember the hotel in traditional Chinese style that was proposed for Clark/Archer? That died after the Great Recession, eventually it became a 1-story strip mall.
|
True, but Canal Plaza was actually built with actual open businesses in it. Jefferson Square was built and opened with a massive grocery store in it and some restaurants. That new hotel on Wentworth was being built last time someone took a picture a few months ago. Work has been going on that Harbor Center as well. I don't know whether they'll build those buildings, but these are big developments that actually have been built to completion or closing in on completion.
The investors behind Jefferson Square (found them awhile ago but lost it) have some serious money from what I remember. Also, real estate prices in Shanghai, Beijing, etc are enormously higher than Chicago when talking about comparable to downtown area. Chicago also has top 3 increases city proper of China born population in the last handful of years. There's a reason why chains like Haidilao are opening in Chicago and only a few other US cities with large Chinese populations.