Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
I have a great idea. Let’s fill State St. with wig shops, sneaker retail and adult book stores. And to make this happen, we can close State St. to all vehicle traffic except buses, and make it an outdoor pedestrian mall. That will do wonders to revive State St. again.
You forgot a vape shop, payday loan and Planned Parenthood mill.
How will Chicago keep its downtown vibrant now that remote working is the norm, and so many suburbanites have given up on Chicago as being too dangerous? Many of us suburbanites would frequent downtown Chicago if it was safe to do so, but that level of safety may be years off or may never happen. Suburbanites have moved on with life.
It will be a generation before State St. comes back to its former glory. There were adult book stores and other low rent stores up and down State St. in the 1970’s and 80’s. It didn’t really ‘come back’ again until the 90’s. I have zero inside knowledge but my guess is that the Block 37 mall will be the next domino to fall, and could just be abandoned eventually.
Just a sign of the times. Chicago is in deaths grips. The Grimm reaper has come for the soul.
What an utterly superficial and thoughtless “there’s no “there” there” editorial. One out of three store fronts empty, and the Sun Times starts out by telling us, “we’re not overly concerned about the Old Navy clothing store closing its 150 N. State St. location last week.” Oh, really? And why is that? Well, because someone else will lease the space eventually for something, and we’re going to, “bring in experts this year to figure out a new identity for State Street.” You know, affordable subsidized housing, “pop-up” stores, and a “glassy new $200 million CTA L station at State and… Read more »
When we lose a tenant the replacement tenant usually pays a lower rent and is a lower credit quality tenant. That helps you get your assessed value lowered and ultimately lower taxes. Small consolation to the owner whos building just lost 25% of it’s value. Can the Sun Times explain how this helps the tax base and State Street/Chicago.