Tuesday, January 28, 2014

McCormick Place/Depaul Arena/Motor Row Entertainment Area Plan Gets Rejiggered Amid Litigation

"We will believe it when we see it" seems to be an appropriate phrase for the Motor Row area.  We've spent many hours and posts on the topic and in reality not much has materialized.

Unable to assemble key parcels near McCormick Place to develop the DePaul arena and adjoining entertainment district, city officials have revised plans, a move that could increase the cost of the project. 
The new plan expands the footprint of the proposed entertainment district, which could ultimately boost land acquisition costs. 
The city hopes that a private developer will step forward to help the project stay within its original $600 million budget. The city is rejiggering its vision because it is embroiled in litigation with the owner of those key parcels. 
Officials are adamant that the moves won't change the final price. But to achieve that, a private developer will have to finance the land acquisition and development costs of a boutique hotel on parcels at Cermak Road and Indiana Avenue. Officials have not yet sought a developer but plan to solicit proposals soon, a city spokeswoman said.


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