In real estate, it's all about location. And this parcel of land has one of the most desirable locations in all Chicago. But bring so desirable isn't easy. Block 37 has been a vacant lot since 1989 when a jumble of run-down buildings were leveled. A number of plans have come and gone for the prime chunk of land. Everything from a branch of luxury retailer Harrod's to a 100-story megatower. While waiting for development, the lot has served as a location for various festivals and city events.

The latest project gaining momentum is a retail/residential complex by the Mills Corporation, of Gurnee Mills, Grapevine Mills, Katy Mills, etc... fame. Mills is adroit at turning vacant plots of land into entertainment and shopping destinations, combining theme park settings with retail to create a destination of its own. How this will play in downtown Chicago remains to be seen. The location across the street from the once-great Marshall Field's could provide a needed alternative to the stodgy retailer, especially now that its heritage and luster has been lost to corporate sell-offs.

The Mills plan includes five stories of shopping, along with a mixed-use tower involving a hotel, offices, and residential space. The plan also calls for a large shaft rising from the subterranean CTA station into the main complex with video screens on each side displaying information like weather forecasts. Though not specifically mentioned, you know these are going to be full of advertising, too.

If this project is built, and Mayor Daley gets the casino he wants a few blocks away, they could be anchors for a thriving new entertainment district. The mayor has been trying hard to reverse the fortunes of State Street and return it to its glory days.

Of course, no large project in Chicago gets built without the mayor's fingerprints all over it. Daley's contribution in this case is a transit hub. The idea is to have a place where people headed to O'Hare and Midway airports can check their luggage before getting to the terminal, then take an express train directly to the airport. This will reduce lines and congestion at the airport, and make traveling more convenient for passengers who won't have to schlep their bags on the el. Individual airlines have tried similar experiments in other cities with mixed results. With city and transit authority backing, this plan could work much better since it could conceivably serve all airlines, not just one.

Before Block 37 became an empty lot and its revitalization an unattainable goal for the city, it was a standard Chicago commercial block covered with buildings between one and six-stories tall. Though it sounds innocuous, it was a cancer on the area. The buildings were run down and attracted vagrants, junkies, and worse. Though its a shame to have a vacant lot in the middle of the city, this block did no service to the community, and the city is better off without it.