More reason why Aldermanic prerogative is such a problem. It creates inconsistencies that could harm Chicago's ability to attract international investment.
Check out
Curbed today, an article about the rowhomes at 42 E Superior being given an extension till March of their demolition. Of additional interest is that the prior highrise proposed there, the Carillon, was rejected by Reilly but brought in nearly $50 million from Chinese investors from the EB-5 program. That money was never returned to them!!!!!
I would be livid too.
Another article that discussed a class action lawsuit by the Chinese investors against the developer contained this quote, which I find to be telling:
Quote:
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Defendants failed to prominently disclose the fact that, based on long-standing policy and procedure for all development in the City of Chicago, and the defendants’ knowledge of such policy and procedure, the project required alderman/ward approval prior to the submission of a project plan to the city commissioner of development and planning,” reads the lawsuit, “and that the submission of any project plan to the city commissioner without such alderman/ward approval would result in rejection by the commissioner and failure of the project.
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50 Chinese investors got ripped off (not the first time this happened in Chicago) due to some silly and corrupt local tradition. The word will spread, and people who lost a great deal of money will spread the word that Chicago real estate is
not the place to invest.