We've seen the sign for South Loop Commons on the corner of Taylor and Canal, but just assumed it was one of many dead real estate projects (and it probably is), but today we got an email from an inquiring reader:I was wondering if you could post this question as I have tried to research what happened to this development to no avail: South Loop Commons that was to be located on Canal and Taylor.So the question is, does anyone know whatever happened with this development?
For more background here is an old 2006 Chicagobusiness.com article on the development. And here is a .pdf file that is a fun read (it looks like it was a sales presentation for potential occupants). Although we assume it's not happening, does anyone know the background?
(Hat Tip: VR!)
(Image From SierraAdvisors.com)
4 comments:
Wow keeping my fingers crossed, would be nice to have a trader joes, cb2 and Hofbrau so close. Wouldnt be so nice on my wallet tho. From what I can tell, it seems that the retail in that are does fairly well. I know a few stores closed in the mall where the whole foods is, but from what I heard that was due to companies going bankrupt and not due to poor sales. Roosevelt collection is not looking to open its retail until possibly next holiday shopping season, so I wont hold my breath for this place to break ground any time soon.
The stores they list in there like CB2, West Elm, and Trader Joe's would be very welcome by me - but I certainly would prefer these to go in somewhere further east like Roosevelt Collection or in the old Sam's Wine building (if the rumors about that becoming a bar/restaurant aren't true).
Last thing we need in this neighborhood is another 100,000 square feet of vacant retail space.
In another life, I worked in commercial construction. The company I worked for submitted a proposal for this project (along with about 7 other contractors). All proposals came in WAY overbudget, and even after value engineering it was way too high. That was about 2-1/2 years ago, so I think it has been tabled until they can reduce construction cost or increase financing.
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