Quote:
Originally Posted by Kenmore
hard not to be skeptical re: the uptown project when the stated cost number is so obviously low
that said, the development wave in uptown has been swelling for sometime and this could take it over the top
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Initially I was skeptical, before the article, but considering (from the article):
"As previously reported in the Tribune, the $75 million restoration includes
$13 million in so-called tax increment financing assistance. Other city funds include
$14 million in property assessed clean energy financing and
$3 million in Adopt-a-Landmark Funds.
The bulk of the rest of money is to come both from investments by Farpoint and Jam, and from a commercial bank loan.."
Also from the article, "Others on the team include MacRostie Historic Advisors, specialists in using tax credits as part of historic theater renovations, and Forefront Structural Engineers. The facade will be restored by Wiss, Janney, Elstner Associates. WMA Consulting Engineers will work on the building’s mechanical guts, and Conrad Schmitt Studios will consult on the historic finishes needed for a Rapp and Rapp movie palace brought back to its former glory...", which indicates that all of these consultants have been hired to provide professional services, so this is very much a real project, with consultants already producing design drawings that will turn into actual CDs, etc. I don't recall the process being this far along in previous iterations, so this is very much the real deal.
Also, this: "...Along with approving the public financing elements of the restoration for partners Jam Productions and Farpoint Development, the commission — its members were appointed by Mayor Rahm Emanuel —
also is expected to approve the sale (for $1) of a 31,000-square-foot, city-owned parking lot at 1130 W. Lawrence Ave. in order to “support theater operations..."