For those of you interested in this topic, we wanted to share some links for you this afternoon.
The Tribune reports that the clock is running out for the owners of the land on Cermak just north of McCormick Place:
The development team behind a long-stalled plan to build hotels and restaurants just north of McCormick Place suffered a serious setback in federal bankruptcy court on Wednesday afternoon.
Judge Jack Schmetterer granted a motion by lender CenterPoint Properties Trust to reject the latest development plan of property owner Olde Prairie Block Owner LLC, which is led by developers Pamela Gleichman, Karl Norberg and Gunnar Falk.So they have 10 days to come up with a more solid plan. Chicagobusiness.com reports that this latest development makes the DePaul Arena on Cermak more plausible.
Of other news associated with McCormick Place, chicagorealestatedaily.com reports that:
|Image from Chicagorealestatedaily.com|
McCormick Place officials are seeking a developer to invest more than $300 million to convert underused exhibit space into a large data center, aiming to boost revenue at the massive convention complex by millions annually.
The Metropolitan Pier and Exposition Authority, the government entity that owns McCormick Place and Navy Pier, is courting data center firms interested in building and operating more than 280,000 square feet of data storage space in Lakeside Center, the oldest and easternmost exhibit hall in the four-building complex. President Barack Obama celebrated his re-election last month during a rally at Lakeside Center.A data center right on Lake Michigan? Seriously? What a waste of prime real estate...Maybe this could be the Obama Presidential Library. Seems like there could be a lot of better uses.
(Hat tip: KS!)