Quote:
Originally Posted by mhays
I believe some are much further along, having planned similar-scaled developments long before Amazon. Philly's University City and at least one site in Chicago come to mind.
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Chicago has multiple mega-projects that are backed by big time developers that already control land, are working on or have entitlements, or are already under construction. There is a big difference between that and a city saying "oh hey, we could possibly do X some day". Here's the summary of shovel ready or under construction sites in Chicago's bid:
1. Post Office, 2.5 million square foot existing building with zoning for 5.5 million square feet of new construction. Already owned by developer 601 West and partway through a massive $500 million restoration. Fully entitled for 8 million square feet of total development.
2. Tribune site, huge multi square block development site along Chicago River North Branch, Riverside Development already has control of the site and is working on planning and entitlements.
3. Finkl Steel, several hundred acre site already controlled by Chicago's premier industrial redeveloper Sterling Bay. They have the ability to build an entire neighborhood from scratch and are already building one large office building here and prepping the site for the next phases.
4. The 78, the old rail yards south of Roosevelt. Again, already controlled by possibly the world's premier developer, Related. This site will be redeveloped, the only question is whether Amazon will be the anchor tenant.
There are only a handful of sites I've heard of in other cities so far that are in as advanced of planning phases as these. I know Philly has at least one, what other cities have mega projects like these already in the pipeline? At the end of the day this is probably not going to be some visionary civic dream, but a serious project headed by a serious developer with a track record of delivering.