Daley Insider Corner's Prime Olympic Lots

The Chicago Tribune on the Chicago Way in action:

A member of Mayor Richard Daley's team working to bring the Olympics to Chicago has quietly arranged to develop city-owned land near a park that would be transformed for the 2016 Summer Games, potentially positioning himself to cash in if the Games come here, a Tribune investigation has found.

Developer Michael Scott Sr., an early member of the mayor's Olympic committee, leads a group planning a residential and commercial project on lots kitty-corner from the proposed Douglas Park sporting venues, a location where land values could jump if the city gets the Olympics.

The plan -- which would include a Nike store -- already has gotten crucial support from the local alderman, who has set aside the lots for Scott and his group.

The city generally sells taxpayer-owned lots for $1 apiece for affordable housing projects, and in other cases negotiates land prices.

Mr. Scott was just the subject of a federal grand jury subpoena.