When the Great Depression struck, McCormick's debts mounted and the project collapsed. The curbs and streets leading nowhere were the only visible reminders of the failed project until 1946, when local real-estate investor and developer Joseph Shaffron bought it, renamed it "Carol Beach" for his young daughter, and promoted the community as a "second Evanston, Illinois." Some modest homes began to be built at that time.
When the Great Depression struck, McCormick's debts mounted and the project collapsed. The curbs and streets leading nowhere were the only visible reminders of the failed project until 1946, when local real-estate investor and developer Joseph Shaffron bought it, renamed it "Carol Beach" for his young daughter and promoted the community as a "second Evanston Illinois." Some modest homes began to be built at that time.