Central Station project is ready to begin rolling

The first residential phase of the $3 billion Central Stationproject is scheduled to start this summer on railroad air rights onthe Near South Side, developer Gerald Fogelson revealed.

The residential phase will come first because it would be verydifficult to finance the office or hotel phases in the present cloudycommercial real estate climate, Fogelson told the Chicago Sun-Times.

Experts agree that the project, bounded roughly by RooseveltRoad, Columbus Drive, 18th Street and Indiana Avenue, has a superblocation. Neighbors include the Shedd Aquarium, Field Museum,Soldier Field and Lake Michigan. To the west is Michigan Avenue, andto the east is Lake Shore …