March 4, 2008

Chicago Loop Alliance calls for Michigan Avenue improvements

Category: Loop condos. Posted by Mike at 5:25 pm.

During the annual meeting of the Chicago Loop Alliance, the chairman, Louis D’Angelo, announced plans for the construction of a set of stairways off of Michigan Avenue.

Plans call for a set of new stairways to be built between the Illinois Center and Michigan Avenue as part of a larger plan to renovate a three-block section of Michigan Avenue. The three blocks between Randolph Street and Wacker Drive are just south of the Chicago River. Plans for the renovation are currently under review by the Chicago planning department.

However, not everyone is excited about the new plan from the Chicago Loop Alliance. Several buildings in the area would have to be razed to make way for the planned stairs, which would be designed to be a tourist attraction reminiscent of Rome’s Spanish Steps.

The city planning commission has called for the issuance of more than $150 million in bonds to fund the renovation of this stretch of Michigan Avenue. The bonds would be funded by an increase in taxes for commercial developments in the neighborhood.

The Loop has seen a lot of new developments of ultra luxurious condo towers and the new Millennium Park, one of the most highly regarded urban renovation projects in the country. The area offers many Luxury Chicago Condos For Sale that attract retirees moving back to the city from the suburbs.

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