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Originally Posted by ardecila
There's tons of vacant land in and around downtown Chicago. That's one of the reasons our city is so affordable compared to coastal cities. There's just this enormous band of post-industrial and railyard land surrounding the Loop.
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The whole city of Chicago is not downtown, and while there's vacant land available - a big majority of it is in South Loop. There's some in River North obviously but it's not as much as you think especially versus South Loop. This isn't the reason why real estate is cheaper here than say NYC - at least not the full reason.
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This particular site is on the (smelly) South Branch, with no lake views and it's not within easy walking distance of dining, entertainment or transit.
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It's not my favorite area of town, not do I think it's completely amazing with walkability but I have 3 friends who live extremely close to this site and you are not correct. It's not teeming with entertainment or dining, but there's definitely that stuff around there within walking distance not to mention there's multiple train stops near there within walking distance - LaSalle Blue Line, LaSalle Street Metra, and the Harrison Street red line stop and also bus lines right nearby.
Are you sure you actually know where this site is? Within walking distance to there is Sociale, Cafe Press, Blackie's, Villain's, First Draft, Sofi, Flaco's, Pat's, Hackney's, Bar Louie, Amarit Thai, Meli Cafe, etc and over a block or two more near State or Wabash are things like Jazz Showcase, Buddy Guy's, Spanglish, Epic Burger, Lou Malnati's, etc.