CHICAGO-City planners are hoping a shift from RFP to RFQ spells success for star-crossed Block 37. Rather than putting out a request for proposals only to ooh and aah over development schemes that may never advance beyond architectural renderings, the city is examining the quality of the development team, says Ty Tabing, assistant commissioner of the city’s planning and development department in charge of the Central Loop.

That means Requests For Qualifications, rather than Requests for Proposals, will be used, a departure from previous planning practice.

The city is moving to reacquire the 2.7-acre site on N. State Street, just east of the Daley Center after a $250-million mixed-use project collapsed with the inability to obtain hotel financing along with a higher pre-lease requirement on the condominium portion. The development team sought additional subsidies to make up the difference.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.