Not positive, but I think the larger one is still owned by a railroad and they may have plans for it.
What is the deal with these grassy fields right next to the Loop?
So, I don't know if anyone else has ever noticed this, but only 4 blocks south of the Sears Tower there's a useless field right next to the river. Yes, just four block south of the tallest building in the western hemisphere lies a grassy field.
And just south of Roosevelt Road across from Target and Roosevelt Collection there's another even larger unused field! They have always really bothered me.
Here's what I'm talking about if you need a refresher:
http://maps.google.com/maps?hl=en&rlz=1G1GGLQ_ENUS346&q=41.8732,+-87.6345&um=1&ie=UTF-8&sa=N&tab=wll
and:
http://maps.google.com/maps?q=41.8649,+-87.6325&um=1&ie=UTF-8&sa=N&hl=en&tab=wl
Why are these there?! Especially in such desirable areas? I can't figure out why during the real estate boom a few years ago no developer ever snatched them up. There must be a story behind these then, so what's the story?
And just south of Roosevelt Road across from Target and Roosevelt Collection there's another even larger unused field! They have always really bothered me.
Here's what I'm talking about if you need a refresher:
http://maps.google.com/maps?hl=en&rlz=1G1GGLQ_ENUS346&q=41.8732,+-87.6345&um=1&ie=UTF-8&sa=N&tab=wll
and:
http://maps.google.com/maps?q=41.8649,+-87.6325&um=1&ie=UTF-8&sa=N&hl=en&tab=wl
Why are these there?! Especially in such desirable areas? I can't figure out why during the real estate boom a few years ago no developer ever snatched them up. There must be a story behind these then, so what's the story?
1 - 20 of 35 Posts
Huge, grassy fields south of the Sears Tower? I never noticed it! :doh:So, I don't know if anyone else has ever noticed this, but only 4 blocks south of the Sears Tower there's a useless field right next to the river.
I'm pretty sure the railroad owns the land to the second one you posted. There's a few freight rails there, and the Red line subway, and orange line I believe. I've noticed the first empty field numerous times, not sure why it's empty. Seems like prime property.
It's not like they're prairies that you can file a homestead claim on. They all are owned by developers, some of whom paid too much for them. That, and other factors, complicates their development.
The one nearest Willis Tower, at Harrison & Wells, is the former site of Grand Central Station, and is sometimes called the "Franklin Point" property. For decades, the railroad's real estate subsidiary held on to it, because their carrying costs are low and they thought they'd eventually make a killing. Finally, in the last boom, the property was sold at high prices to a couple of small-time developers with outsized dreams. But the crash got here before the bulldozers did. One of the purchasers just tried to get the sale rescinded because the property's value has dropped by a third since he closed; the court just laughed at him. It's too far from the West Loop train stations to be considered a prime office location, and too far west of Grant Park to be considered a prime residential location.
The one south of River City is owned by Cacciatore & Co. Real Estate. They invest for the long term, and during the next boom or the one after will try to make more money per square foot than anyone around them.
The big one south of Roosevelt Road, sometimes called the "Riverside Park" parcel, is problematic for development because it has no access or infrastructure. So you have to build out a big portion of it all at once—a huge chunk of money. A plan was approved during the last boom, but then the main developer got enmeshed in a local political scandal and sent to jail, and as the boom ended he flipped the property to others who don't really have any development experience.
The one nearest Willis Tower, at Harrison & Wells, is the former site of Grand Central Station, and is sometimes called the "Franklin Point" property. For decades, the railroad's real estate subsidiary held on to it, because their carrying costs are low and they thought they'd eventually make a killing. Finally, in the last boom, the property was sold at high prices to a couple of small-time developers with outsized dreams. But the crash got here before the bulldozers did. One of the purchasers just tried to get the sale rescinded because the property's value has dropped by a third since he closed; the court just laughed at him. It's too far from the West Loop train stations to be considered a prime office location, and too far west of Grant Park to be considered a prime residential location.
The one south of River City is owned by Cacciatore & Co. Real Estate. They invest for the long term, and during the next boom or the one after will try to make more money per square foot than anyone around them.
The big one south of Roosevelt Road, sometimes called the "Riverside Park" parcel, is problematic for development because it has no access or infrastructure. So you have to build out a big portion of it all at once—a huge chunk of money. A plan was approved during the last boom, but then the main developer got enmeshed in a local political scandal and sent to jail, and as the boom ended he flipped the property to others who don't really have any development experience.
It's practically next door to LaSalle Metra and a 10 minute walk from Harrison and State. Seems pretty ideal for an office location.[Franklin Point] is too far from the West Loop train stations to be considered a prime office location, and too far west of Grant Park to be considered a prime residential location.
Do the rail lines indeed complicate this parcel?The big one south of Roosevelt Road, sometimes called the "Riverside Park" parcel, is problematic for development because it has no access or infrastructure. So you have to build out a big portion of it all at once—a huge chunk of money. A plan was approved during the last boom, but then the main developer got enmeshed in a local political scandal and sent to jail, and as the boom ended he flipped the property to others who don't really have any development experience.
LaSalle Street doesn't count. The Red Line doesn't count. Only Union and Ogilvie. That's where the bosses arrive.
There are no longer any rail lines through any of these parcels. Riverside Park is bounded by the Metra Rock Island tracks on the east and the St. Charles Air Line on the south. They make access to the parcel difficult, but don't affect the parcel itself.
There are no longer any rail lines through any of these parcels. Riverside Park is bounded by the Metra Rock Island tracks on the east and the St. Charles Air Line on the south. They make access to the parcel difficult, but don't affect the parcel itself.
(Imagining the time, especially from the 1910s through the 1930s, when those south loop area stations were what ORD is now. All of those grassy areas were covered with railroad trackage and the train activity was constant 24/7/365 and INTENSE.)
:nuts:
Mike
:nuts:
Mike
With CN buying the EJ&E, the Saint Charles Air Line is about to go bye-bye (if it hasn't already).LaSalle Street doesn't count. The Red Line doesn't count. Only Union and Ogilvie. That's where the bosses arrive.
There are no longer any rail lines through any of these parcels. Riverside Park is bounded by the Metra Rock Island tracks on the east and the St. Charles Air Line on the south. They make access to the parcel difficult, but don't affect the parcel itself.
Mike
Nah, the SCAL will be used by Amtrak for several more years at least. And with Daley out of office, perhaps the folly of giving up such a valuable corridor will be understood by transportation planners.
The South Loop in 1930; solid railroad tracks from Canal to State:
![]()
(Areas we're discussing in bright green).
The South Loop in 1930; solid railroad tracks from Canal to State:
(Areas we're discussing in bright green).
I hope that sometime nice happens to them someday.
They're just so awkward!
They're just so awkward!
This property was variably called Riverside Park and Riverside District. It is currently held by a US subsidiary of General Mediterranean Holding. Contrary to Mr. D's assertion, they have plenty of experience in development, just none in the US. They acquired the property when Tony Rezko was on the way down and needed to sell out Rezmar's interest. GMH was at that time a minority shareholder.
Here is their homepage:
http://www.gmhsa.com/gmh.html
And here is their property porfolio page listing "Riverside District" as current holding.
http://www.gmhsa.com/property.html
What's an example of GMH ever acting as a developer, as opposed to merely a construction contractor or investor?
I'm not holding my breath for this development, especially considering the utter garbage that was built east of it (Dearborn Park I and II). Look for more cul-de-sacs, inward orientation, and more NIMBY's to whine at future community meetings.
Your right, of course. I just assumed that a holding company that is also big in construction would be a developer as well. Also assumed that you were being careless and possibly describing a different parcel. Should have known better!What's an example of GMH ever acting as a developer, as opposed to merely a construction contractor or investor?
In Riverside Park, are those tracks running along Clark street below grade? I'm guessing they aren't. It looks like Roosevelt is mostly elevated along that northern boundary. And, there are more tracks to the south! I'm trying to imagine how it would be possible to integrate that site into the surrounding area without modifying the existing roads and railroads. Any ideas anyone? I suppose that if this was Tokyo or Rotterdam they'd find a way to cram something in there.
Even if you could connect to Clark street, Dearborn Park is walled off to any interaction on the east. Given the abundance of vacant parcels in River north, the west loop, and the south loop, I'm afraid it's difficult to imagine anyone wanting to develop this site anytime soon. It wouldn't even make a good park because no one would be able to get to it. Cover it in solar panels? Giant garden? Prison? If it was a prison you'd hardly need walls. Industrial use? Buildings for network computer hubs?
Even if you could connect to Clark street, Dearborn Park is walled off to any interaction on the east. Given the abundance of vacant parcels in River north, the west loop, and the south loop, I'm afraid it's difficult to imagine anyone wanting to develop this site anytime soon. It wouldn't even make a good park because no one would be able to get to it. Cover it in solar panels? Giant garden? Prison? If it was a prison you'd hardly need walls. Industrial use? Buildings for network computer hubs?
There was this? http://www.scb.com/?mainpage=4&pagetype=Planning&p=547&firstlevel=0&seclevel=0
I don't know how to attach images, so the link will have to do. I think some other firms did a design on that too.
I don't know how to attach images, so the link will have to do. I think some other firms did a design on that too.
http://www.smithgill.com/#/work/franklin_point
Here's the adrian smith+ Gordon gill master plan for franklin point.
Here's the adrian smith+ Gordon gill master plan for franklin point.
Where the Chicago River once flowed, then straightened as part of the Burnham plan in 1926-30.^
Scroll down on this link.
http://forgottenchicago.com/features/chicago-infrastructure/bridge-out-for-good/
Scroll down on this link.
http://forgottenchicago.com/features/chicago-infrastructure/bridge-out-for-good/
http://www.smithgill.com/#/work/franklin_point
Here's the adrian smith+ Gordon gill master plan for franklin point.
Adrian Smith? Excellent!
1 - 20 of 35 Posts
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