Why Isn't This Area Developed? (Chicago, Glencoe: lease, lofts, house)

[Libertine]

Everyday for the last year I drove by the gigantic undeveloped prairie land between Roosevelt and 18th, Clark and the River. It's a developer's wet dream and yet it sits there undeveloped. Why isn't this area blowing up like up the areas around it (Lofts at Roosevelt Collection, Chinatown, etc.)? Do the people that own the property refuse to sell it?

[Lookout Kid]

I think the city owns that land, and has some plans for it. A fellow architect told me that this past week when we were looking at it from a nearby high-rise, but he's definitely not a good source.

[Avengerfire]

I would prefer a nice nature related park.
I do not think the city owns the land however. The guy that owns it is sitting on it while its value skyrockets.

[Manigault]

I'm waiting for them to develop the old US Steel plant site at 93rd and Burley. That's a big vacant space on the lake.

[Drover]

Originally Posted by Manigault

I'm waiting for them to develop the old US Steel plant site at 93rd and Burley. That's a big vacant space on the lake.

Unfortunately, the cost of redeveloping brownfields is astronomical before a single brick is laid or even a single blueprint is drawn up, just to get it environmentally sound enough to redevelop. Not enough demand at 93rd and Burley to do it just yet, and probably not anytime soon either.

[chet everett]

The problems with the site near Roosevelt and the US Steel site are both related to SIZE -- even the broad "new east side / IC air rights site" north of Aon is moving more slowly due to how hard it is get everything done is a way that encourages people to spend.

In general a site that is so big that you have to put a mix of ANYTHING is HARDER to develop than one that is "ready and waiting" to drop in ONE building. I don't care if you are talking about a single house between two existing ones, a new office tower across from existing ones, a shopping strip between others or even warehouse next to others it is MUCH easier to get financing for the "looks like the others" and zoning approval, and ultimately to get it SOLD / leased.

Down on Roosevelt things SEEM pretty hot, but for DECADES many things in that area LANGUISHED -- RIver City is funky and was a NEGATIVE down there as other projects like it were proposed but went NO WHERE as the thing filled way too SLOWLY.

The US Steel site is NOT hot, and for DECADES people wanted SOMETHING that would provide "good jobs". Developers HATE WHEN THEY HEAR THAT, as "good jobs" means EXPENSIVE LABOR and nobody is going to start that kind of project -- people want "flexible labor" or a "highly motivated workforce". If may still be possible that SOMETHING nice happens down their, but it almost certainly will NEVER have much in the way of 'good jobs'... I think there were proposal to do a whole suburban style "new urban" style community down there. If some idiots would hit up Leonardo di Caprio, Al Gore, and Oprah I could see them doing that as some kind of grand "green Chicago" development, but there is no way that sane developers would risk SO MUCH in an area that has no much not right about it. There are no roads, sewers, water or electric in a City that has sky high Union Labor Rates that would add enormous costs. The land costs would end up making Glencoe seem cheap once everything was remediated and infrastructure is in place -- you need to reconfigure the rail lines to get folks to the Loop from there quickly, and then you'd have people crying that it is a sucking money from other needs of the underserved southside. Ugh. Can not win!