Posted by: union03g | January 25, 2010

Uptown: Huge Development Planned at Montrose and the Lake

Looks like more information about  this massive development has been released. This $350 million dollar retail/residential complex will be one of the biggest projects for the north-side in a long time. The hurdles “Lake View Station” has to overcome are many, including dealing with the glut of condos already on the market, the inevitable political backlash from Uptown neighbors and securing loans/leases.

The scope of this project is clearly off the charts,” says veteran developer David “Buzz” Ruttenberg, chairman of Chicago-based Belgravia Group Ltd. “But if they’ve got staying power, and are successful in pre-leasing the retail, then there’s probably significant economic potential.”

We’ll have to keep a close eye on this project. The best case senario is that it draws more good people and businesses to a part of Uptown that desperately needs something to hang its hat on. But the worst case is what recently happened to comparable developments at Wilson Yard and Block 37: Political gridlock and foreclosure, respectively.

Article Here
proposed Uptown development

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