Waterfront revival (Chicago, Waukegan, North Chicago: real estate, neighborhoods, schools)

[edsg25]

Given the high value we are increasingly placing on waterfront property and our awareness of how run down but strategically placed real estate can turn around and become desirable, what are the chances of redevelopment and reinvigoration coming to waterfront locations in the Chicago area that are now that desirable, but have the potential to become so?

I'm thinking of the places like the following:

The areas along Lake Michigan north of the North Shore and south of the state line: North Chicago, Waukegan, Zion, etc.

Lake County's Chain of Lakes: many of these beautiful lakes are surrounded by low end real estate, many like the cottages left over from a by-gone era.

The Chicago River's riverfront: more on the South Side than the North, but actually in both, removed from the greater downtown area where much of the riverfront has revived or is in the process of reviving.

South Side Lakefront: particularly from McCormick Place down to Hyde Park. Also south of Hyde Park to state line (including US Steel site with planned but hardly trending redevelopment)

NWI lakefront: Gary, Hammond, E. Chicago, etc.

Do you think some or even all these areas are subject to revival?

[Alacran]

Definitely.
I don't know why it hasn't begun yet. Once a neighborhood in the southside starts poppin, I think south side lakefront living will become in demand. All there really is, is Hydre park at the moment.

[damba]

Originally Posted by edsg25

Given the high value we are increasingly placing on waterfront property and our awareness of how run down but strategically placed real estate can turn around and become desirable, what are the chances of redevelopment and reinvigoration coming to waterfront locations in the Chicago area that are now that desirable, but have the potential to become so?

I'm thinking of the places like the following:

The areas along Lake Michigan north of the North Shore and south of the state line: North Chicago, Waukegan, Zion, etc.

Lake County's Chain of Lakes: many of these beautiful lakes are surrounded by low end real estate, many like the cottages left over from a by-gone era.

The Chicago River's riverfront: more on the South Side than the North, but actually in both, removed from the greater downtown area where much of the riverfront has revived or is in the process of reviving.

South Side Lakefront: particularly from McCormick Place down to Hyde Park. Also south of Hyde Park to state line (including US Steel site with planned but hardly trending redevelopment)

NWI lakefront: Gary, Hammond, E. Chicago, etc.

Do you think some or even all these areas are subject to revival?

Unless people will suddenly favor living near a retired nuclear power station, far away from the city's core vs proximity to schools/metra in a lovely suburb such as Lake Bluff, I don't see the far north lakefront as being viable anytime soon. Folks will continue to stick to north suburban locations further south.

The Chain of lakes is really mostly a wide spot in the fox river, which floods and is surrounded by farmland/wetlands. Really not going to bring very many folks in because of that unless it was much closer to Chicago IMHO.

I see the riverfront as the most viable of the bunch based on proximity alone to the 'action' and jobs.

[edsg25]

Originally Posted by damba

Unless people will suddenly favor living near a retired nuclear power station, far away from the city's core vs proximity to schools/metra in a lovely suburb such as Lake Bluff, I don't see the far north lakefront as being viable anytime soon. Folks will continue to stick to north suburban locations further south.

The Chain of lakes is really mostly a wide spot in the fox river, which floods and is surrounded by farmland/wetlands. Really not going to bring very many folks in because of that unless it was much closer to Chicago IMHO.

I see the riverfront as the most viable of the bunch based on proximity alone to the 'action' and jobs.

I see your point, but don't you think the south lakefront will be attractive along with the river?

[emathias]

Originally Posted by edsg25

I see your point, but don't you think the south lakefront will be attractive along with the river?

It *has* started, but realistically we're talking about areas that have the capacity, when built out at densities comparable to existing North Lakefront neighborhoods, of housing probably close to a million new people. Chicago may or may not be growing, but it's certainly not growing at a pace where a millions places will be filled up anytime soon. Plus, now there are riverfront locations competing. They may never be quite as in demand as lakefront plots, but that's probably another million units if counting all possible riverfront locations, and maybe a hundred thousand just within 4 miles of downtown.

The South US Steel land on the far south has potential - they want to add something likke 25,000 units there. Michael Reese will be over 10,000 units plus commercial and retail. There still space for redevelopment in Oakland and Douglas, even Uptown is having some redevelopment, and I could see Rogers Park getting some, too, eventually.

But there needs to be a LOT more people moving to Chicago before you see price movement that seems in any way dramatic.