Whether the megaprojects happen or not is kinda besides the point. The city can only really control the supply side, not the demand side. From the mayor's standpoint, the most important thing is making sure that zoning and approvals are in place so that downtown and the neighborhoods can continue to grow as quickly as demand allows, and making sure these new areas are planned correctly so they don't degenerate into suburban, traffic-choked crap. Some policies may boost growth or slow it down, but really you're at the mercy of broader cultural and demographic forces.
For a megaproject like The 78, Related has done a great job master-planning the site with top urban designers. Now the city just needs to hold them to their end of the bargain, even if Related ends up handing it off to someone else and it doesn't get built out for 20+ years.
There's nothing in Chicago history to suggest these sites get built out overnight. The area east of Michigan Avenue (now called Illinois Center and Lakeshore East) has taken 75 years to approach buildout, from the opening of Pru-1 to the completion of Cirrus/Cascade. In that time, the vision has been adjusted - first office districts, then hotels, then highrise apartments. First the Pedway was gonna be the lifeblood of the area, then it got flipped to encourage more life on the street above ground.
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la forme d'une ville change plus vite, hélas! que le coeur d'un mortel...
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