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Old Posted Jun 12, 2021, 2:23 PM
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ardecila ardecila is offline
TL;DR
 
Join Date: Jun 2006
Location: the city o'wind
Posts: 16,356
Quote:
Originally Posted by SamInTheLoop View Post
The more I think about this project (which isn't much to begin with), the more preposterous it seems.

Which is a shame, because it is ".....key to the social and economic transformation of Chicago."

With full awareness of the very significant infrastructure costs here, am I crazy to think that if they propose something 1/3 or even 1/4 as over-the-top ambitious it could potentially have a shot at realization at a profit?

Otherwise, this is an entitlement/land play?
The deck is a significant cost and the whole thing needs streets for access. It's not like, say, 150 N Riverside where you just plug into existing public streets.

Of course, Dunn already has approval for state financing of the deck (and transit hub) so if that cost is covered then I do think this could be profitable at a smaller scale.

On the other hand, if the state financing is revoked as Kam Buckner is threatening, then Dunn probably does need to build (very) big to cover the costs of the deck privately, and the deck will need to be phased so the initial outlay is manageable. Remember this was always planned by Illinois Central to be a counterpart to Illinois Center/Lakeshore East at the same density levels, that's the only way it pencils out unless the government is willing to chip in.

So my guess is that there's some hedging going on, there's four paths this project could take (public deck/big private development, public deck/small private development, private deck/big private development, or no build). I have a feeling the last two are more likely, the state financing is predicated on the "public benefit" of a new transit hub that nobody wants. But I do think Lightfoot wants this development, sans transit hub, AND doesn't want the accusation of a public handout. The only question is whether she can override the local alderman and the South Loop residents to make a big, tall project happen.
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