The story surrounding plans for a new Walmart on Chicago’s Far South Side keeps changing faster than the retailer’s prices. Last week we noticed that its attempts to break into Brooklyn were eerily similar to those in the Windy City, though we failed to mention how the linchpin of the current argument, that no one would dare locate in Pullman, does not hold true in East New York, as the Gateway Center already has a Target and a few other big box stores. But according to the Chicago Reader, that may not be the case in Pullman either. The paper did the unthinkable and—gasp!—called up the other retailers who the local alderman said he contacted, including IKEA, Dominick’s, and Jewel-Osco, to confirm that they had turned Alderman Anthony Beale down. Read More
According to Crain’s Chicago Business, major construction unions will not be loaning funds to restart the Chicago Spire, as many had speculated. The union pension funds are feeling cautious, much like other lenders, so the Spire, which was always an ambitious project, remains a high risk bet. Who will the developers turn to next?
First reported in the Chicago Tribune, and today in the Wall Street Journal, officials at a group of union pension funds are vetting a plan to lend $170 million to restart construction on the stalled Chicago Spire. Designed by Santiago Calatrava, the 150 story residential tower would be the tallest building in the US. The Journal piece points out that with a drastic drop off in condo construction downtown predicted for 2010 and 2011, the completion of the Spire could actually come at a time when there is pent up demand for housing. Blair Kamin previously pointed out that unions have made similar loans in previous downturns, notably providing loans for the construction of Marina City.
According to the Journal, Chicago’s failure to win the 2016 Olympics may have been the key to giving the Spire new life. The pensions had previously been looking to lend funds for the construction of the planned Olympic Village.