Sterling Bay is set to unveil its plans for the North Side megaproject. Danny Ecker has the details on that story and more.
Development
Chicago will invest a billion dollars into the creation and preservation of 24 development projects, as a result of federal pandemic recovery money and the Mayor’s 2022 budget. The move not only aims to bring more affordable housing to the city but also looks to support developments led by people of color.
Mayor Lori Lightfoot said getting a casino off the ground in Chicago will “usher in a new and exciting era for our city.”
Three firms want to build a casino and resort in Chicago, Mayor Lori Lightfoot’s office announced Friday. All five proposals are of a “high-caliber,” Lightfoot said in a statement released by the mayor’s office.
Local leaders are working to redevelop a massive city site into a mixed-use, community-driven project. They’ve gotten millions in seed money from the state — and are hoping for city support, too.
The growing share of city property taxes sent to tax increment finance districts has fueled a perennial argument over whether the districts actually spur redevelopment and eradicate blight or serve to exacerbate growing inequality in Chicago.
The process to get a Chicago casino is taking longer than originally anticipated. Mayor Lori Lightfoot announced Friday the city would extend the deadline for interested parties to submit proposals to build and operate the casino.
The site of the long-defunct hospital is poised to be transformed into a new Chicago neighborhood offering 4,800 homes, plus offices, research facilities and stores as part of a $4 billion redevelopment. “This has been a long time coming,” said Ald. Sophia King.
The project is backed by Ald. Walter Burnett (27th Ward) and Ald. Brian Hopkins (2nd Ward), putting the massive development on track to win final approval at Wednesday’s City Council meeting.
The proposed mega-development would create residential and retail space, parkland and a transit hub on top of the Metra tracks just west of Soldier Field. Why some lawmakers want to block state financing for the splashy, $20 billion plan.
A permanent casino could open as soon as 2025 in Chicago, although slot machines could start ringing at O’Hare and Midway airports much sooner — with tentative plans for a temporary gaming palace also in play.
When city leaders and developers discuss new plans for major real estate projects, some groups are often left out of the discussion. What’s being done to bring more Black and Latino developers into the industry.
The Chicago Plan Commission approved a $3.8 billion effort earlier this year to overhaul the former Michael Reese Hospital site in Bronzeville, just west of the lakefront on 31st Street. The team behind the development is thinking big and working toward community buy-in.
Mayor Lori Lightfoot said the revised ordinance was “better” than her administration originally proposed and will “put our city on the right track to full ensuring that our residents have clean air, no matter what ZIP code in which they reside.”
Aldermen are sharply divided on the issue after a proposal from Mayor Lori Lightfoot was significantly revised. Alds. Jason Ervin, Maria Hadden, Byron Sigcho-Lopez and George Cardenas weigh in.
The metamorphosis of the land along the North Branch of the Chicago River from an industrial powerhouse into Chicago’s newest community area is poised to take another giant step forward at Wednesday’s full City Council meeting.
