Quote:
Originally Posted by Mr Downtown
People who actually wanted to sell units and move on.
When Dearborn Park I was developed, there was simply almost no market for mid- and highrise units. A third highrise planned for north of Roosevelt was eventually cancelled, and the site in 1985 became townhouses. South of Roosevelt, the foundations for a Stanley Tigerman–designed midrise had actually been poured when about 1991 the developers decided they'd never sell the units and stopped, switched and built more townhouses there instead. Remember that the consortium that built Dearborn Park lost 59 cents of every dollar they put in.
Folks who think citymaking is like SimCity forget about carrying costs. Real developers who survive to do more than one project don't recklessly swing for the fences on every pitch. They pick the low-hanging fruit first: sites where the difference between current cost and potential value is greatest. And they choose a product mix that can actually be sold in a reasonable time frame, not what will look good on the skyline 20 years after they took bankruptcy on the project.
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Not only was there no market for high rises, "selling" people on living in that area has a hard job at the time. It was a virtual wasteland of unused railroad land leading to the closed Dearborn Station. As much as I hate the walling off of State and Clark streets, it was the development that got people living in the area, and includes a bit of needed park land.
Oddly, I was on the top level of the Target parking lot this week and looked over at the Dearborn Park area. What I saw was open space and trees and then the fast-developing row of high rises beyond it. For a second it reminded me a little of looking over Central Park in NYC and was actually quite stunning. It does provide a little relief. Not everything needs to be a high rise, and I'd be happy if they'd just tear down the blasted walls, and figure out a way to bring some life back to those streets.
There's actually a book on the politics behind the development which makes interesting reading. (and copies are on Amazon for $0.01.
http://www.amazon.com/At-Home-Loop-C...me+in+the+loop