Can the South Works plan possibly work?

The headlines announce that Mayor Daley is seeking $98M in TIF funds for the redevelopment of the US Steel South Works site.

Will this project be economically viable? For anyone, that is, besides the contractors who will build its infrastructure to the tune of $98M – before the inevitable huge cost overruns?

As much as you have to applaud Mayor Daley’s vision for a new city housing 150,000 people on Chicago’s south lakefront, you have to be skeptical of the success of the project.

Is it really possible to attract retailers and residents in the volume necessary to make this project a success at the prices new construction has to command?

Is this project any less of a fantasy than the Olympics? Count me an unbeliever. What’s your take?

Count

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