Oct 5, 2009 10:24 am US/Central
City Council Committees To Discuss Olympic Fallout
What Will Happen To Michael Reese Campus, Plans For CTA Upgrades?
CHICAGO (CBS) ―
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The future of the campus of Michael Reese Hospital, which is being demolished except for the building in this picture, is in doubt now that there will be no Olympic Village there.
Illinois Landmarks Commission
If you wanted the Olympics for Chicago, you may still be feeling down, and if not, you may be relieved. But either way, many anticipated changes to the cityscape will not be happening now.
Several City Council committees were expected Monday to discuss the fallout of Chicago's failed bid.
One major issue is the future of the Michael Reese Hospital campus. The site, bounded by 29th Place, 30th Street, Vernon Avenue and Cottage Grove Avenue, was going to be used for an Olympic Village.
Now there will be no Olympic Village, but demolition at the hospital campus already in progress. The city bought the Reese site for $86 million in a deal that almost fizzled, and demolition began much to the consternation of preservationists who did not want Bauhaus architecture school founder Walter Gropius' work destroyed.
The city has promised that high-rise, mixed-income housing will still be built on the Michael Reese site.
Near Washington Park, where the Olympic stadium would have been erected, some people were counting on property values increasing.
One realtor was thinking ahead to 2016 when by writing of one property, "Be ready for possible Olympic bid." It's a huge vacant lot at 48th and Indiana, priced at $675,000. Look for it to go down.
A three-flat down the street for $450,000 was listed as being in the heart of the "soon to be Olympic village." Not anymore.
More than a few landlords were looking toward gigantic rent increases during the games.
Hopes of upgrading Chicago Transit Authority lines were also pinned to the Olympic bid. The City Council Transportation Committee is likely to discuss what will happen to those hopes.
The Finance, Economic Development, Budget and Energy committees also all meet on Monday.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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