Wednesday, September 17, 2008

More Truth To The Rumors At Wilson Yard?

above: "Lake Wilson Yard" as seen from the L this afternoon
We are starting to wonder if you hear a rumor often enough, is it true? Another reader who appears to be "in the know" tells us that they confirmed with Walsh Construction that the Wilson Yard project is "on hold indefinitely." To many of you who pass by the site everyday and see no movement whatsoever, this might not be a newsflash. Could the upcoming lawsuit from "Fix Wilson Yard" be a factor? Time will tell.
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16 comments:

  1. Uptown SuperHero!September 17, 2008 at 8:50 AM

    I would bet all the TIF money out there that this is why HELEN has the ballot issue out there..(see below).. regarding affordable housing using TIF money. SO when this collapses, she can say she has a mandate from the people to use it in this way. Instead of using it for Wilson Yard, she will use the TIF money to build ALL THROUGH UPTOWN....

    ... HELP!

    ReplyDelete
  2. AnonymousSeptember 17, 2008 at 9:38 AM

    Let's face it Holstein can't get the financing now with the Credit Market unless it is 100% TIF funded.

    No one in this economy is going to finance WY.

    You haven't seen the complete fallout from the SubPrime/Credit Market issues yet.

    ReplyDelete
  3. Uptown RefugeeSeptember 17, 2008 at 9:46 AM

    The dots are all connecting, as I mentioned in a previous comment.

    WY a bust.

    "Commercial Housing" at McJunkin.

    Referendum on spending 40% of TIF on Affordable Housing.

    You're going to need more money for more lawsuits.

    ReplyDelete
  4. EdgeVille BuzzSeptember 17, 2008 at 9:47 AM

    Even highrises downtown being built and funded by solid developers are being halted. Here is just one example from Crain's today:

    http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=31030

    ReplyDelete
  5. The Soul of Murray HumphriesSeptember 17, 2008 at 10:01 AM

    Who is paying Walsh Construction? Are they primary contractor or are they the subcontractor?

    The city has a quotas to meet you know.

    ReplyDelete
  6. SeabourneSeptember 17, 2008 at 10:55 AM

    Walsh is Target's normal "new store" company around the country I believe, not just Chicago. That means that they do the construction for pretty much all of them, not just Chicago. That's one reason that with Walsh working it was pretty clear that Target was serious. Take the news/rumour that they were told to halt as you will and interpret on your own.

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  7. AnonymousSeptember 17, 2008 at 11:22 AM

    Interesting: In its promotional material, Walsh says: "Throughout our history, The Walsh Group has completed every contract – no exceptions."

    Wonder if Wilson Yard will be the first?

    ReplyDelete
  8. SeabourneSeptember 17, 2008 at 11:29 AM

    Don't assume that WY is an individual contract or that they weren't instructed by Target to halt. If the client says stop work, you stop, because you aren't going to get paid for more work. If Target is having second thoughts about the buildout they may be holding the construction to avoid being financially too deep into the site.

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  9. HughSeptember 17, 2008 at 11:49 AM

    "If Target is having second thoughts about the buildout they may be holding the construction to avoid being financially too deep into the site."

    Target has no skin in the game

    we taxpayers are building a big box store on spec

    Target is not the client, Holsten is

    ReplyDelete
  10. My Cat is My AvatarSeptember 17, 2008 at 12:20 PM

    Walsh is a General Contractor. They hire sub contractors and manage the project. They also hold the contract with the owner/developer (Holsten?). If Walsh walks, the developer is on the hook to pay for whatever work has transpired.

    ReplyDelete
  11. chipdouglasSeptember 17, 2008 at 2:17 PM

    I did see that lake inside WY yesterday. Gave me an Idea...

    Bass Masters 2009, Lake Target, Chicago, IL.
    "The best way to a fisherman's heart is through his fly."

    Yeeha!

    ReplyDelete
  12. Uptown RefugeeSeptember 17, 2008 at 3:15 PM

    Instead of using it for Wilson Yard, she will use the TIF money to build ALL THROUGH UPTOWN....

    Or just attempt to use it to build the housing portion of WY without the Target and additional retail.

    You better go donate to Fix Wilson Yard now.

    They'll need more cash for additional lawsuits.

    ReplyDelete
  13. AndySeptember 17, 2008 at 3:18 PM

    I met a very nice fellow on the Red Line from Wilson yesterday. He said he was on the board of his condo association over on Leland I believe. He said that Target was confirmed and a sure thing. I told him about the reservations I have, having followed the blogs and paper trail and seeing how it isn't such a sure thing.

    Just goes to show you, I believe, how unaware we Uptown tax payers are about what our money is doing. I'm not sure if Target or any of it is a sure thing anymore. I hope not, at least in its current configuration!

    ReplyDelete
  14. Starck MadSeptember 17, 2008 at 6:49 PM

    Montrose was blocked for a bit this morning at about 7.....I couldn't tell if they were moving equipment, in or out. It looked like out.

    ReplyDelete
  15. CowboySeptember 18, 2008 at 12:20 PM

    Its nice that we now have a big swimming pool. Question is how toxic is the water? Science experiment 101: Put some fish in it and see how long until they turn belly up.

    I suggest that we just plant some grass seed and we can at least have a half way decent park for the next 5 years until something finally happens with The Yard.

    ReplyDelete
  16. UnknownSeptember 19, 2008 at 2:36 PM

    I hope Holstein goes bankrupt because of the credit markets.

    That would sure shut Shiller up.

    ReplyDelete

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