Chicago is Booming! (Kell: foreclosures, city hall, for rent)

[marothisu]

^ Now updated from January 1st. Some interesting areas of construction in town, at least proposed stuff. Some of the stuff of course is already being built/finished.

[Niles Crane]

Originally Posted by cali3448893

Wow Chicago is absolutely booming right now, Chicago currently has one of the fastest growing downtown's in America. The city is upgrading their transit, crime is going down, the economy is even booming with a faster growth rate than Indianapolis. Companies are moving fast to chicago because of its good business climate. No wonder lots of college students want to live here rather than places like Indy and MinneapolisI thought i would lighten up Chicago forums because everything is so damn negative...
[URL="http://www.suntimes.com/lifestyles/splash/14211531-418/mayor-emanuel-says-local-economy-is-booming.html"]Mayor Emanuel says local economy is booming -[/URL]
[url=http://articles.chicagotribune.com/2012-09-28/news/ct-talk-living-downtown-chicago-0928-20120928_1_downtown-homes-residential-boom-chicago-s-city-hall]Census Bureau reports 36 percent population growth in downtown Chicago - Chicago Tribune[/url]
[url=http://yochicago.com/chicago-had-largest-downtown-population-growth-from-2000-to-2010/28054/]Chicago had largest downtown population growth from 2000 to 2010[/url]

Everything except for this "crime is going down"

[nearnorth]

Originally Posted by Niles Crane

Everything except for this "crime is going down"

Source?

[marothisu]

Originally Posted by Niles Crane

Everything except for this "crime is going down"

Actually crime IS going down. You can start by mining this data to see:
https://data.cityofchicago.org/Publi...sent/ijzp-q8t2

[nearnorth]

Originally Posted by marothisu

Actually crime IS going down. You can start by mining this data to see:
https://data.cityofchicago.org/Publi...sent/ijzp-q8t2

Thanks. I was fairly certain it was, but couldn't find a source to show it. I doubt he can find a source showing that it isn't.

[Vlajos]

Downtown hotel market passes previous high-water mark

http://www.chicagorealestatedaily.co...igh-water-mark

[flamadiddle]

It's crazy... we were there last week and the city was hopping!!

Here's another I noticed while walking along Michigan Ave. Boutique hotel set for Atlantic Bank Building | Chicago Development News

Noticed many new buildings going up too. Most seemed to be residential so the demand must really be high right now.

[marothisu]

^ Yep. Virgin Hotel and Godfrey Hotel is being built right now and Aloft and Langham Hotels just opened in the last few weeks. SoHo House which is a very exclusive hotel club is currently being built in the West Loop and recently 3 more boutique hotels in the same area announced soft plans. Just very recently, the building at 360 N Michigan which is on the river and the former Crain's building, was purchased and will be turned into a Boutique Hotel.

The downtown area of Chicago was actually one of the fastest growing of any city in the US at last census. There is definitely demand there right now. Some residential places currently being built or recently finished include:

Finished/Topped out
* AMLI River North | 543 feet | 49 floors | 409 units
* 500 N Lake Shore Drive | 497 feet | 47 floors | 500 units
* Hubbard Place | 43 floors | 495 units
* Coast at Lakeshore East | 464 feet | 46 floors | 499 units
* Optima Center | 443 feet | 42 floors | 325 units
= 2228 units

Currently Under Construction or Site Prep, but not topped out:
* 111 W Wacker | 630 feet | 59 floors | 506 units
* 435 N Park | 569 feet | 49 floors | 398 units
* Summit on Lake | 42 floors | 332 units
* 845 N State | 35 floors | 367 units
* Arkadia (West Loop/Greektown) | 33 floors | 351 units
* 212-232 W Illinois | 26 floors | 200 some units?
* The Catalyst (West Loop) | 22 floors | 223 units
= 2300+ units

There are other planned things that have not started yet such as a 33-35 story rental tower at Chicago & LaSalle and a 40-ish story one at Clark and Division, and smaller stuff (maybe 10-15 floors) Plus there's stuff going on in other parts of town. There's actually a lot of new single family homes and smaller buildings going up in areas like Bridgeport, Lakeview, Lincoln Park, Ukrainian/East Village, Avondale, etc. There is a 15 story rental tower going up in Lakeview right now not far from Wrigley Field too, an 11 story building that recently topped out in Wicker Park (99 units), and a 9 story, 216 unit building in the West Loop under construction. Plus some stuff in the South Loop I'm not even mentioning. There's also 3-4 old office buildings in the Loop alone which are slated for conversion to residential and there is an old warehouse (I think?) in Streeterville on Ogden Slip that might be undergoing conversion to condos as we speak.

Also an old storage warehouse in the West Loop is being converted into office space and Google will be moving there when it's done and increasing their office space by 33% from what they currently have (not to count the 2000 employees that will be moving from the burbs to River North next march - Motorola Mobility).

It's not necessarily a full on boom, but there is stuff happening and the demand is pretty high right now for some of these areas, especially more luxury high rise type of stuff.

[flamadiddle]

Originally Posted by marothisu

It's not necessarily a full on boom, but there is stuff happening and the demand is pretty high right now for some of these areas, especially more luxury high rise type of stuff.

lol, I couldn't fathom a full on boom then.

That list is just amazing!

[Vlajos]

Another company expanding and moving to the City from the suburbs.

Crain's Chicago Business : Subscription Center