Saturday, January 17, 2009

"Major" Developers Line Up for Olympic Village is reporting that some of Chicago's biggest developers are interested in taking on the Olympic Village project assuming Chicago wins the bid. This is good news for the bid and city as it will alleviate some of the fears citizens and the IOC might have with this 'privately' funded portion of the plan:
The willingness of well-known developers to take on the project boosts the
credibility of Chicago's Olympics bid, which relies heavily on the private
sector. At an estimated cost of $1.1 billion, the athletes' village, planned for
the site of Michael Reese Hospital near 31st Street and Cottage Grove Avenue,
was the most expensive and perhaps riskiest element of the plan.

To us this isn't surprising. We figured that a developer would be salivating at the opportunity to develop this high profile and great piece of land. Obviously the city is making this area a priority for its future plans and it seems like a no brainer for most developers.

Previously our only reason for concern was how the current economic and real estate situation could effect this plan, but this article puts those fears to rest...well sort of puts them to rest.

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