Just got back from a trip up to Chicago that included a viewing from the Sears Tower observation deck. As you look out towards the south you can see a large area of open land between Clark Street and the south branch of the Chicago River. I have heard that this is railroad land that is now dormant but the railroads will not give it up for development.
Does anyone know if this is true? It seems that they could make a good bit of money selling this property, whoever owns it.
I would imagine if someone wanted to build over the right of way “Air Rights” would be sold or leased, that is the area over the property, In Chicago and many other locations rail lines extend under buildings. The Prudential Building in Chicago is a good example of this as is the Chicago Union Station. With commercial real estate going for thousands of dollars per square foot and the site clean up, I know that the Chicago site is a diesel fuel nightmare with all the fuel that has been spilled due to the refueling racks. No one wants to buy a mess like that. Another thing the railroads may be leasing the ground from another owner.
Ah, the old location of Grand Central Station (and associated yards). I know the developers have been salivating over that piece of land for a while. Unfortunately I don’t know the disposition of the property, it’s been vancant for quite a while.