Is University of Chicago “Landbanking?”

From the Chicago Tribune comes this story about the possible downside to "Olympic Fever" in Chicago by Susan Chandler. To neighborhood residents, this is an important issue.

In July and August, U. of C. made its first foray beyond its western border, which runs up against sprawling Washington Park, buying five parcels of commercial land along Garfield Boulevard for $6.1 million. It has agreements to buy five more parcels and is talking to owners about picking up another five. That would give the university about an additional four acres.

In the process, the university has angered 3rd Ward Ald. Pat Dowell, who sees it as a pre-Olympic land grab that could slow development in the struggling area. Washington Park would be front and center if Chicago wins the 2016 Games because a major stadium would be at the north end of the park.

"I would hope they don't just hold on to the land—landbanking," Dowell said. "The university says they want to satisfy their future development needs. I don't know what that is."

Dowell's support is crucial to the university's expansion plans because she has say-so over whether U. of C. will be able to acquire some of the vacant city-owned lots that make up nearly half of the neighborhood, which also is known as Washington Park.