As it stands, the only regular occupants of the former railroad land southwest of Clark Street and Roosevelt Road in Chicago are urban coyotes who've been known to stop by downtown convenience stores on occasion. That will change as Related Midwest, a Chicago based commercial and residential developer, takes ownership and leads the development of 62 acres long left unattended.
In a deal signed this week, the area that connects the South Loop to Chinatown will become a mixed use, multi-billion dollar project promising homes, office space, retail, and green areas.
The 62-acre parcel will need water and sewer services, access roads, presumably marine access of some sort, city services, and transportation.
The Chicago Tribune says the land comes with a checkered history: Once owned by disgraced and convicted power broker Tony Rezko, it was sold in 2007 to Luxembourg-based General Mediterranean Holding. GMH is owned by Iraqi-born British businessman Nadhmi Auchi, who was convicted in 2003 in France in a corruption scandal. GMH will be a partner with Related Midwest in the joint venture.
Read more of Kim Janssen's report here:
