Neumann goes bankrupt
October 25th, 2007Neumann goes bankrupt, Merrill posts its biggest loss in 93 years, and Elgin foreclosures increase 42% year-over-year. Call me a pessimist, but somehow I don’t think this Channing Square project is going to come to fruition anytime soon.
Julie Schmitt has been passionately fighting this development, but hers has probably been an unnecessary expenditure of energy. I think this project is so unlikely to be completed that I don’t even follow the news about it.
What’s important, I think, is that the city has a plan for these unbuilt projects, these vacant sites. What will become of them? Will they be useful? Will they be eyesores? Will they be fenced off or can children play on them for the several years that they are likely to be otherwise unused?
Real estate cycles are long-term cycles and it can be five years before the market bottoms, and at least a few years after that before builders start building again. We have to start thinking about how we can use these sites.
I vote for a community garden…
These observations certainly seem accurate. I really was wondering what the market could possibly be for this development, especially with East Elgin being such a subprime environment. The most effective way, though, of truly assuring the project’s demise would have been for the City to have required from the developers a “no serf” labor clause whereby developers would represent and warrant that all work would be conducted by legal residents.
Posted October 26th, 2007 at 7:34 pmSpeaking of community garden I was thinking that the old Lipton plant site would be perfect for a community garden. That huge big grass area could be turned into productive land again. Residents could rent a plot of land to grow veggies or flowers on and the Parks department can manage the funds and till the soil every year. Might be a neat little project and could turn that boring swatch of grass into something interesting.
Posted October 27th, 2007 at 2:01 pmFor those that don’t know, Tom is referring to the long grassy spot between State Street and the railroad tracks following the Fox River, by Highland Avenue. There was recently a large and ugly Unilever (Lipton) factory there.
This spot would be fairly difficult to redevelop because of parking limitations and the fact that you have to cross major roads to get to it.
I agree that the site needs something, but I’m not convinced yet what that should be.
I’m all for a community garden, but I would want it accessible to children and the elderly. Gardens should be tranquil, and that site would be loud and have a lot of gawkers. I’d rather see a community garden placed in a residential neighborhood.
Posted November 2nd, 2007 at 10:29 amwhere are the updates? its been quiet here for almost 2 weeks!
Posted November 5th, 2007 at 5:48 pmHi everyone,
Thanks for the comments. And sorry about the lack of updates recently.
I think I agree with Todd about the Unilever site. In my view, this sort of thing is better than a community garden:
http://elginite.org/blog/2006/11/22/what-next-for-the-unilever-site/
But good candidates for community gardens in the downtown area include:
- the Low Line south of National St.
- the parcel north of the library
- the old Gail Borden site
The Low Line has the best chance of being more or less permanent. But I think it’s a great site that’s currently blighted and unused. A community garden would be a a great focal point for that neighborhood, which is probably among the more distressed neighborhoods in the city.
The site is also a high-visibility site, and anything we could do there to improve its appearance will enhance the image of the downtown and the city as a whole.
Posted November 6th, 2007 at 10:54 pmUnfortunately King Shock, his minions and the mysterious and anonymous partners of “Channing Square LLC” are pushing ahead with the development. The City is giving them such a large chunk of change upfront ($700,000), PLUS the land (value $750,000), they are pushing ahead in the WORST real estate market in years with no marketing plan and no exit strategy!
For everyone who said this was a “done deal” (including Asst. City Manager Sean Stegal 10 months ago) - I still think it was worth the fight! At least it will show the citizens of Elgin how WRONG Shock is!
FYI - The property was transferred to Channing Square LLC on October 1, 2007. The change in zoning and the development plan was approved by City Council 10/24/07.
Unfortunately this property would have made a much-needed and BEAUTIFUL open space, complete with community gardens if the City had bothered to consult with the neighborhood!
Posted November 16th, 2007 at 2:35 pm