It seems that Mayor Daley's vision for Chicago 2016 is slowly and steadily taking shape. It was reported today that agreements have that will help ensure the building of an Olympic Village on the site that was formerly Michael Reese Hospital.
The $1.1 Billion project (about the same dollar value as the recently passed parking meter lease deal) will build 5000 condo units for Olympians to use as dormitories during the Chicago 2016 Olympics. This construction project will also bring a much needed infusing of money and development to the Chicago lakefront south of McCormick Place.
Investors are rightfully a little concerned about the destiny of the new housing after the Olympics are over. Especially considering the current economy and the fact that only about 5000 condos are sold in all of Chicago in GOOD year! But we should keep in mind that this is almost 8 years down the road. That's enough time for two full Presidential terms. And we all know how much our economy can swing in just two Presidential terms.
Organizers also stated that $50 Million of developers' "rights fees" will go toward helping to finance a proposed Olympic Stadium in Chicago's Washington Park.
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