OLYMPIC GAMES COULD FIRE CONDO DEVELOPMENT IN CHICAGO
[CHICAGO, IL]
By Anne Martin
The city of Chicago is a contender to host the 2016 Olympics and a real estate boom, especially for condo development, could be one of the outcomes of winning the bid.
The United States Olympic Committee and Mayor Richard Daley have each sent letters to the International Olympic Committee, officially submitting Chicago as the United States applicant city.
The Windy City got the opportunity to make the bid because it emphasized some of its most alluring assets including its lakefront, urban parks and and its vision for an Olympic Village where athletes would live together.
Other cities likely to declare their candidacies, prior to a Sept. 13 deadline, include Rio de Janeiro; Madrid; Tokyo; Doha, Qatar; and Baku, Azerbaijan.
The Olympics would last just two weeks, but the legacy of these heralded international games would last long after the last medal had been handed out. Facilities to house athletes and the games themselves would have an impact on the city's residential landscape for years to come.
Following in Barcelona's footsteps, the Spanish city that hosted the Olympic Games in 1992, the apartment-style residences of athlete housing would be sold after the games are finished as residential, commercial and hotel space.
The city is proposing to house the athletes in a village that would be built along the lakefront. The main visitor center would be in Grant Park and other venues would extend from McCormick Place to Belmont Harbor.
Ideas for how the village would be developed are being floated. One calls for the Metropolitan Pier & Exposition Authority to sell air rights over land south of McCormick Place to developers who would build 5,000 housing units and 1,000 hotel rooms for nearly 17,000 Olympic Athletes and officials.
When the Olympic flame is extinguished, the housing units in the $1.1 billion village would be turned into a new neighborhood of condominiums and other attractions on Chicago's near south side.
The city will not learn whether its bid is successful until October 2009 when the International Olympic Committee is scheduled to select a winner.
Chicago Condos
By Anne Martin
The city of Chicago is a contender to host the 2016 Olympics and a real estate boom, especially for condo development, could be one of the outcomes of winning the bid.
The United States Olympic Committee and Mayor Richard Daley have each sent letters to the International Olympic Committee, officially submitting Chicago as the United States applicant city.
The Windy City got the opportunity to make the bid because it emphasized some of its most alluring assets including its lakefront, urban parks and and its vision for an Olympic Village where athletes would live together.
Other cities likely to declare their candidacies, prior to a Sept. 13 deadline, include Rio de Janeiro; Madrid; Tokyo; Doha, Qatar; and Baku, Azerbaijan.
The Olympics would last just two weeks, but the legacy of these heralded international games would last long after the last medal had been handed out. Facilities to house athletes and the games themselves would have an impact on the city's residential landscape for years to come.
Following in Barcelona's footsteps, the Spanish city that hosted the Olympic Games in 1992, the apartment-style residences of athlete housing would be sold after the games are finished as residential, commercial and hotel space.
The city is proposing to house the athletes in a village that would be built along the lakefront. The main visitor center would be in Grant Park and other venues would extend from McCormick Place to Belmont Harbor.
Ideas for how the village would be developed are being floated. One calls for the Metropolitan Pier & Exposition Authority to sell air rights over land south of McCormick Place to developers who would build 5,000 housing units and 1,000 hotel rooms for nearly 17,000 Olympic Athletes and officials.
When the Olympic flame is extinguished, the housing units in the $1.1 billion village would be turned into a new neighborhood of condominiums and other attractions on Chicago's near south side.
The city will not learn whether its bid is successful until October 2009 when the International Olympic Committee is scheduled to select a winner.
Chicago Condos
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