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guyy - the CTA is involved in the plan. There is a transportation committee that has heavy CTA representation.
As for the apartments and condo's, well, the consensus is that the real estate market is a temporary thing, at least by 2016 comparison. Are you seriously saying that the real estate market will still be in the tank so much in 8 years that it will be impossible to rent the units out as apartments? Besides, lakefront real estate is pretty much immune from the burst right now.
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