Quote:
Originally Posted by 10023
Well it happens in more expensive real estate markets. But you're right, it's unlikely in Chicago, because the downtown area isn't fully built out and there are cheaper places to build.
That said, they are considering demolishing the Thompson Center, which would seem to me to be just as prohibitive in terms of cost. And while the building needs work, it also has more architectural merit.
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The Thompson Center is a shitheap that has been poorly maintained and neglected by the state since it was completed. It's also underutilized in terms of tax revenue since the tenants are all basically government and it sits on arguably the most desirable piece of land in the Loop in terms of transit access. The city could eat the cost of the demolition and still come out way ahead in the short term if the site is properly developed.
And our illustrious leaders in Springfield have already counted revenue from the future sale of the Thompson Center for the most recent (still out-of-balance) budget, so it's going to be demolished eventually.