http://www.suntimes.com/business/roeder/356010,CST-FIN-roeder25.article
Some get ink, others get built
Plan Commission's sexy projects get attention, but they might be unattainable
April 25, 2007
DAVID ROEDER [email protected]
The Chicago Plan Commission held a four-hour hearing last week, with more than half the time devoted to discussions of the Chicago Spire and the renovation of the old Post Office. Both are projects that fire the imaginations of people concerned with the urban landscape.
And until they sign some actual occupants, they'll remain about as realistic as expectations of an independent City Council or a Cubs winning streak.
Then there were other projects the commission endorsed that got less attention but are more likely to be built. For my money (and believe me, I've got none of it in this game), the most significant of the overlooked bunch is a condominium high-rise planned for
6740 South Shore Drive, overlooking Jackson Park.
It's a $60 million deal by a partnership that includes JFJ Development Co. Few builders work the south lakefront. JFJ President Jon Zitzman said his building would be the South Shore's first high-rise in about 30 years.
Three two-story buildings on the property would be demolished. Zitzman plans 132 units, including four in town houses attached to the tower. He's got a price range of $250,000 to about $1 million.
Insiders said the project was sidetracked for a few months by aldermanic politics. But now Zitzman is free to market his condos and hopes to break ground next February.