Mayoral candidate Paul Vallas’ plan to reverse decades of disinvestment on the South and West sides of Chicago focuses on the creation of an independent community development authority that would limit tChicago City Council members’ control of zoning in their wards.
Development
The historic LaSalle Street corridor has been an economic engine for the city since the turn of the last century. But in recent years, the once vibrant financial district has suffered as major banks that anchored the area moved elsewhere in the city.
Demolishing the record set in each of the past two years, $1.22 billion poured into the city’s 129 TIF funds in 2021, according to a report from the office of the Cook County Clerk.
Bally’s Chicago casino is set to have 3,400 slots and 173 table games in addition to an exhibition hall, 500-room hotel, a 3,000-seat theater and 11 restaurants. The development will include a 2,100-square-foot park and walking path along the river and a three-level underground parking garage, according to the plans released by city officials.
The $1.74 billion proposal still needs the approval of the Illinois Gaming Board, which must license Bally’s to operate the Chicago casino set to be built along the Chicago River near Chicago Avenue and Halsted Street.
The community’s 53rd Street is home to many locally-owned shops, nightlife spots and restaurants. There’s been some turnover during COVID, but a lot of the small businesses have hung on — even though they’re still facing challenges.
The $1.73 billion proposal now heads to the Illinois Gaming Board, which must license Bally’s to operate the Chicago casino set to be built along the Chicago River near Chicago Avenue and Halsted Street.
The Chicago City Council is expected to give its final stamp of approval to the Bally’s plan on Wednesday, sending the proposal to the Illinois Gaming Board, which must license Bally’s to operate the Chicago casino set to be built near Chicago Avenue and Halsted Street.
Even though Lightfoot stacked a special City Council committee with her allies to consider the casino proposal, Ald. Tom Tunney (44th Ward) acknowledged Friday that the mayor did not have enough support to advance the plan to build a casino and resort.
While Mayor Lori Lightfoot and her administration have touted the proposal from Bally’s as the most lucrative proposal the city received and said the casino would be an “iconic” addition to Chicago’s riverfront, members of the City Council continue to greet those claims with skepticism.
While members of the Lightfoot administration touted the proposal from Bally’s as the most lucrative proposal the city recieved and said the casino would be an “iconic” addition to Chicago's riverfront, nearly all members of a special City Council committee formed to consider the plan greeted those claims with skepticism.
Lightfoot’s support for a casino on what is now the Chicago Tribune printing plant and newsroom near Chicago Avenue and Halsted Street will bounce the roulette ball to the Chicago City Council to consider Bally’s plan.
With three community meetings complete, the roulette ball bounces back to Mayor Lori Lightfoot, who is expected to make her decision within the next two months and pick one of three proposed Chicago casino locations.
Mayor Lori Lightfoot does not expect to pick one of the three finalists and ask the Chicago City Council to ratify her decision until early summer, a significant delay since the fall, officials said.
A previous effort to renovate the Congress Theater sputtered out in 2020, even after the City Council agreed to give the project a $9.7 million subsidy.
What if our cities could be more like forests? That’s the question at the heart of a new building prototype developed by architecture and engineering firm Skidmore, Owings & Merrill.
