Let's get developments going
11/16/2011 10:00 PM
Itís a development bonanza on Motor Row!
Well, not quite. But things seem to be reaching a tipping point around McCormick Place after a long delay.
The Prairie Blocks development on Cermak has been in the works for years, and itís just the kind of thing that could convince more conventions to come to Chicago. McCormick Place itself is building a second tower to expand its Hyatt. Thereís a new CTA stop in the works at Cermak. And just last week, Cheap Trick formally announced that theyíre moving into Motor Row.
This is all great news. We just need to make sure it can keep going.
Of course, thatís a big if. Financing for the massive Prairie Blocks project is going to be difficult at best. Itís a huge project, and while the hotel may be a smart move, it remains to be seen how much retail the area can sustain, seeing as thereís essentially none right now.
Further north, the powers that be behind Roosevelt Collection say theyíre getting ready to make some big announcements on retail thatís moving into their long-vacant storefronts. Weíll believe it when we see it, but McCaffery Interests have been making all the right moves since taking over the property last year. The new green space in the middle of the development will open up the area nicely when it debuts next year, too.
Weíre hopeful and excited that this could be a new renaissance in the South Loop, though.
On the Near West Side, it looks like Peteís is finally moving forward at Madison and Western. This projectís delays have clearly pissed off a number of residents in the neighborhood who hate going across town to do their grocery shopping.
Weíre sympathetic to the many hoops that the projectís developers have had to jump through. But itís about damn time this thing started moving forward.