Will the South Rise Again? (Chicago, Bridgeport: 2015, rental, employment)

[midwest1]

disclaimer...native Chicagoan, from the North Side, lived abroad for two decades, returned to Gary.

Just returned to Chicago area after two decades abroad, and chose to invest in the Miller Beach community of NWI. Many many reasons....but

after ubering for a few weeks in the city, it seems somewhat apparent that a historic shift is underway in Chicago. For a century, things moved North, money power, jobs, from the previously elevated South Side. I think we are witnessing the very beginnings of another shift, this time back south.

The rise of the South Loop (and even West Loop, as that is bringing energy south)
The ongoing growth of Chinatown, with the new Chinatown connector, integrating that South Side neighborhood with downtown
The rise of Pilsen, and even Bridgeport and Canaryville
IIT's determination to become more than just an afterthought
Bronzeville's ongoing redevelpment
Hyde Park's neverending renaissance
And further south, the beginning of integration in the South Shore neighborhood, the blank slate of the South Works lakefront, and the appeal of an Indiana governed slice of Chicagoland in Northwest Indiana....new air service at Gary etc.


Geography has always favored the South Side....seems to me, it's more than that now...

[Runuova]

I agree! Rental pricing will definitely help make that happen. I hear complaints constantly about being priced out of the Northside or someone wanting more space for their money.

[chet everett]

Hyde Park is not a bargain, the relative safety and high cost are a bit of chicken and egg situation, matters less about which comes first as you generally can't have one without the other...

[BRU67]

Originally Posted by midwest1

disclaimer...native Chicagoan, from the North Side, lived abroad for two decades, returned to Gary.

Just returned to Chicago area after two decades abroad, and chose to invest in the Miller Beach community of NWI. Many many reasons....but

after ubering for a few weeks in the city, it seems somewhat apparent that a historic shift is underway in Chicago. For a century, things moved North, money power, jobs, from the previously elevated South Side. I think we are witnessing the very beginnings of another shift, this time back south.

The rise of the South Loop (and even West Loop, as that is bringing energy south)
The ongoing growth of Chinatown, with the new Chinatown connector, integrating that South Side neighborhood with downtown
The rise of Pilsen, and even Bridgeport and Canaryville
IIT's determination to become more than just an afterthought
Bronzeville's ongoing redevelpment
Hyde Park's neverending renaissance
And further south, the beginning of integration in the South Shore neighborhood, the blank slate of the South Works lakefront, and the appeal of an Indiana governed slice of Chicagoland in Northwest Indiana....new air service at Gary etc.


Geography has always favored the South Side....seems to me, it's more than that now...

I think Pilsen and Bridgeport will continue to gentrify. Hyde Park will remain Hyde Park. Absent a resurgence in Chicago's employment base, I don't see much else changing down there except for continued depopulation. Chicago needs a shot of jobs in the arm. There's a few good signs but right now the picture with all of the pension issues is murky.

[Chicagodan]

I've always considered Miller Beach to be a diamond-in-the-rough, just waiting to be "discovered." It seemed to be well on its way, too, particularly with the East Edge development a few years back at Oak and County Line Rd. When the housing bubble hit, though, everything kind of ground to a halt. I'd be curious to hear one or two of your "many many reasons" for investing there.

[Avondalist]

The far south/southwest side around the port and dump will never be nice. There's too much heavy industry.

[chet everett]

I have to say that even I was amazed when I read this -- Gary has nowhere near the debt of bankrupt Detroit

Then again there is -- Five Reasons Chicago Is in Worse Shape Than Detroit - Bloomberg Business

[raleightransplant]

I truly think it will. I've always thought this. As was mentioned, there is a saturation point with the North side. You see it now with pockets of the south and west sides gentrifying that many never would have dreamed of 10-15 years ago. There is also a very rich history to the south side, and some beautiful neighborhoods. Hyde Park, Kenwood, Bridgeport and Pilsen are a few of my favorite neighborhoods in this city.

[msamhunter]

Originally Posted by chet everett

I have to say that even I was amazed when I read this -- Gary has nowhere near the debt of bankrupt Detroit

Then again there is -- Five Reasons Chicago Is in Worse Shape Than Detroit - Bloomberg Business

City reduced its debt by almost 30%. Not counting the school system which is separate. That debt should continue to decrease esp now since Gary has been adding to its taxbase.

[msamhunter]

Originally Posted by Chicagodan

I've always considered Miller Beach to be a diamond-in-the-rough, just waiting to be "discovered." It seemed to be well on its way, too, particularly with the East Edge development a few years back at Oak and County Line Rd. When the housing bubble hit, though, everything kind of ground to a halt. I'd be curious to hear one or two of your "many many reasons" for investing there.

Will always love da g but Miller has always been somewhat stable. Pop always around 10k since the 70's. So even though you have people moving out, you still have people moving in. Indiana dunes make it hard to develop there as it swallows a lot of Miller.