West loop construction? (Chicago, Fulton, Ashland: lease, how much, home)

[G in MP]

I love the idea of scrapers extending west, personally.

[IronWright]

Originally Posted by personone

Agree. Also, I feel like when you have a ton of high-rises, it feels a lot less like a true neighborhood because there are so many people that you will never see. They are fine to mix in here and there, but to develop a sense of neighborhood, they are less useful.

It's one of the reasons that areas like the Loop and River North, while nice, and a good fit for some; don't have the same kind of neighborhood feel as many of the other Chicago neighborhoods.

A lot of the feel in high-rise areas has to do with design. River North and most of Chicago is terrible for having parking podiums wrapped in blank-walls that produce a cold & sterile streetscape. High-rises with smaller footprints which integrate well with the street and have active uses on lower levels creates an intimate feel and offers vibrancy/charm. A mix of mid and high-rise is definitely optimal.

[IronWright]

Fulton Market - 345 N. Morgan - 11 Stories - 178' - Office

Groundbreaking ceremony tomorrow for the long awaited project that was supposed to house Google's next expansion from developer Sterling Bay, project cost, $100M.

[G in MP]

Me like.

[IronWright]

Caisson Permits issued, drilling should begin any day.

166 N. Aberdeen - 21 Stories 220'



Under Construction:

906 W Randolph 47 Stories - 495'





Credit - Jack Crawford- Yimby

[MartinGref]

I am curious, why WL area is booming, but there is almost no development right across the expressway in Little Italy and UIC area?

[TBideon]

West Loop has a fantastic ecosystem of restaurants, nightlife, hotels, tech and a variety of businesses, metra and CTA transportation, etc. It's a legitimate success, a local and national draw.

UiC and Little Italy have successful patches and some piecemeal projects, but, like other neighborhoods, there's only so much investment to go around. The overall population is basically stagnated, and Chicago's international investments seem limited to downtown. Plus the nearby Tri-Taylor and Douglas Park have too many projects and hood for comfort. Quite a few mental cases by Rush too. Better developers go where there's existing momentum.

[IronWright]

Originally Posted by MartinGref

I am curious, why WL area is booming, but there is almost no development right across the expressway in Little Italy and UIC area?

The IMD/Tri-Taylor have quite a few transformational projects under construction and planned for the IMD Gateway plan. They have upped the zoning to allow for higher densities. Maybe that will spark development east. UIC has a new Computer Science building being constructed and a performing arts center has been approved.

[BRU67]

Originally Posted by TBideon

West Loop has a fantastic ecosystem of restaurants, nightlife, hotels, tech and a variety of businesses, metra and CTA transportation, etc. It's a legitimate success, a local and national draw.

UiC and Little Italy have successful patches and some piecemeal projects, but, like other neighborhoods, there's only so much investment to go around. The overall population is basically stagnated, and Chicago's international investments seem limited to downtown. Plus the nearby Tri-Taylor and Douglas Park have too many projects and hood for comfort. Quite a few mental cases by Rush too. Better developers go where there's existing momentum.

International investors, notably Chinese investors, are alive and well in several Chicago neighborhoods in terms of investing in residential property. Whether it's because we're close to fresh water or because Chicago is inexpensive compared to coastal cities like SF, LA, and NYC I don't know, but they are here, in much larger numbers than a decade ago.

This is true even areas which are rough, like East Garfield Park and the more prime parts of North Lawndale (to use that term relatively). Many of our bigger real estate brokers were specifically catering to these buyers. However, this activity has slowed recently due to problems in the Chinese real estate market, as well as government crackdowns on private investment. But I suspect it will pick back up again. Whether or not this will lead to momentum in these neighborhoods or result in a buy and hold strategy (slumlording, to be crude) is anyone's guess.

I do agree with you that most of the big ticket commercial investment is downtown, West Loop, or near north. The Medical District and the area west of it around Cinespace and Lagunita's is seeing some decent commercial development too. I also agree with you in that crime is going to become a problem which affects investment if our leaders do not get this under control soon.

[Don Cuccino]

Originally Posted by MartinGref

I am curious, why WL area is booming, but there is almost no development right across the expressway in Little Italy and UIC area?

I think one of the reasons is mass transit. WL is smack in the middle of two rapid train lines. All of the gentrification in Chicago has followed rail lines. Wicker Park, Logan Square, and now Avondale. People in the 90s were banking that Humboldt Park would develop because it borders Wicker Park but it has gone at a snails pace while Avondale which is considerably further is gentrifying and Logan Square is already gentrified.