Thursday, October 29, 2015

Could "Gateway" Development Over Train Tracks West of Lake Shore Drive Actually Happen?

Train tracks where "Gateway" Project Could Rise?
All we can say is wow, wow, wow (via Crain's Chicago):
The developers of Central Station in the South Loop are seeking a partner for the first phase of another huge residential project next door that would overlook Soldier Field and the Museum Campus.  
Called Gateway, the $3 billion project would encompass 3,000 homes and 500 hotel rooms rising above train tracks on the west side of Lake Shore Drive from Roosevelt Road to McCormick Place, said Chicago developer Gerald Fogelson, who owns the site in a joint venture with Cleveland-based Forest City Enterprises.  
The venture is exploring three options for the project's first phase: developing it by itself, selling the development rights or bringing in a partner, he said. Fogelson would prefer to team up with another partner.

It is frankly amazing the scope of some of these proposed developments.  Who are all these people who are going to move to the Sloop?

For whatever it's worth, this feels more like a PR play for Fogelson and his company.  While they could move forward with it theoretically, it seems like this could simply be them trying to drum up some publicity to unload the "air rights".  This is more of a hunch on our part, but would be curious what anyone else thinks.

What's the likelihood that this project would move forward?

Interesting to us is how these developments would impact all the current high-rises that have million dollar lake views.    

Finally, we've updated our Development Tracker with this info.

(Hat tip:  JG!)

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