Tuesday, August 22, 2006

Crocker torn down for nothing?

In late 2004, the developers of River Park Place were expecting to break ground on the eight-story, 60-unit condominium building planned for the northwest corner of Grove Avenue and Prairie Street by spring of the next year.

Twenty months later, the Crocker Theater, which formerly occupied a portion of the site, has been torn down, but construction still hasn't gotten under way. (Elgin Courier News 8/21/06)
Though they need only 5 more buyers to begin construction, it's been a long time since they announced that they needed only 5 more buyers. At this point--with the real estate market as it is--it seems that without major prodding from higher powers, this condo may never get built. If the Crocker was torn down in vain, I think there are going to be some angry voters come next election.

The longer this drags out the less likely it will ever get built, because the real estate market will get worse before it gets better. The council should keep that in mind. Afterall, it was less than three weeks ago that Centex pulled out of the Woodfield Gardens project in Rolling Meadows, citing a softening real estate market and increased building costs.

3 Comments:

Anonymous Anonymous said...

The Crocker was an eye sore regardless. Once the park is up, the building will sell.

9:20 PM  
Blogger frankwolftown said...

Kind of reminds me of all the angry people here.

http://cinematreasures.org/theater/434/

9:47 PM  
Blogger The Elginite said...

When it was run down it may have been an eyesore, but all it needed was a little TLC to make it shine. At the time they tore it down, I thought it looked perfectly fine. It's a beautiful building.

frankwolftown, thanks for the link!

7:22 PM  

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