Chicago Olympic Village Site In Limbo As Hospital Plan Falters

Chicago Mayor Richard Daley has "broken off talks aimed at moving the $1.1[B] Olympic Village to the campus of Michael Reese Hospital," as the Daley administration faces "soaring demolition and environmental cleanup costs and a recalcitrant property owner," according to Fran Spielman of the CHICAGO SUN-TIMES. Daley's original plan called for Medline Industries, which owns the 37-acre site, to "make a 'charitable contribution' of $20[M] that was supposed to be enough to cover demolition, environmental cleanup and five years of interest payments on the loan at a rate of 5[%]." But demolition and cleanup costs instead "were projected at $32[M]." Chicago 2016 Chair Pat Ryan "tried to salvage the deal by renegotiating the purchase price, but Medline apparently wouldn't budge." Spielman notes now it is "back to the drawing board -- either by reviving the original plan to build the Olympic Village on air rights over a truck staging area for McCormick Place or building it south of 31st Street on a massive parcel being developed by Draper & Kramer." Ryan said that the city of Chicago has until February 2 to refine its plan (CHICAGO SUN-TIMES, 9/24).