West loop construction? (Chicago, Berwyn, Lincoln: insurance, brokers, neighborhoods)

[dtcbnd03]

That looks awful. Fulton Market would be wise to keep a 2 story max level height along Fulton and Randolph with high rises behind it like Viagra Triangle. High rises packed up along the sidewalks will take away from both streets.

[IronWright]

Originally Posted by dtcbnd03

That looks awful. Fulton Market would be wise to keep a 2 story max level height along Fulton and Randolph with high rises behind it like Viagra Triangle. High rises packed up along the sidewalks will take away from both streets.

How you described it should be, is how it is. The hotel building fronts Wayman at the corner of Sangamon. It will rise from behind Time Out Market that's on Fulton.

I agree with you 100%. Towers climbing behind lower buildings on historic streets is great city building. It gives an awesome layering effect.


.......In even more Fulton Market development news demolition was approved for 1020 W. Randolph of the former American Charter Bank/MB drive thru, being replaced by an office building.

The brick detaling is nice for today's standards. Hope these features aren't value engineered come construction.

5 Stories - 69'


In some tragic Fulton Market news the plan commsission actually approved the 7 story parking garagre with retail on RANDOLPH! for the Plumber's Union.

No Nimby/Aldermen outrage to kill this one off. I guess this magically "respects the character of the neighborhood" somehow and is in line with the city's alleged goals of increasing pedestrian activity and to promote public transit. Hotel use across from Navy Pier was completely unthinkable but a monolithic car storage with seaweeds hanging from its every orifice on Randolph in Fulton Market is apropo.



High-quality urban infill and the most regressive-urban infill both approved of on the same street on the same day. Small step forward, giant leap backward.

[dtcbnd03]

Ah good news on the two story height along Fulton. Pics didn't look that way at first.

Wow now that parking garage looks HORRIBLE. Why would they put that on Randolph and not one or two streets off? Or tucked under a massive highrise like they did with One Chicago across from Holy Name? I'm sure that hood needs parking badly but wow...

[IronWright]

I said before the West Loop/Fulton Market is on fire! Here are some updates.

609 W. Randolph - 15 stories - 211' -----Tower crane permitted




800 W. Lake - 21 Stories - 279' ----Demolition permits issued on 12/9 for existing buildings, equipment is on site




900 W. Fulton - 9 stories ----Landmarks Commission approves demolition for the adaptive reuse and constrcution of 9 story addition of the old Healy Foods.



311 S. Racine - 8 stories ----Demolition in progress to make way fro beautiful 8 story condo building



15 N. Elizabeth - 5 stories ---- Under construction

[WestSideMillennial]

How far along is the furthest development heading West?? Will development potentially reach the West Side or will it stop suddenly on a certain street?

[BRU67]

Originally Posted by WestSideMillennial

How far along is the furthest development heading West?? Will development potentially reach the West Side or will it stop suddenly on a certain street?

Unofficially, the border seems to be Kedzie in terms of where out of state & cash investors will buy residential properties. Some of the smaller investors are going west of that now (I suspect due to low inventory and price pressure) but generally, nothing past Pulaski. I'm also not seeing any real economic development west of Kedzie other than gov't subsidized projects.

Of course, this is all fluid but for things to expand further west, the Chicago economy is going to have to really get rolling post-COVID. Otherwise, I suspect you will just see infill in the areas already showing improvement, or maybe even a contraction.

[dtcbnd03]

Originally Posted by BRU67

Of course, this is all fluid but for things to expand further west, the Chicago economy is going to have to really get rolling post-COVID. Otherwise, I suspect you will just see infill in the areas already showing improvement, or maybe even a contraction.

Chicago will see a contraction. All economic and behavioral signs are pointing this way despite the development boom continuing in West Loop. I do not see those recent developments going well...

[BRU67]

Originally Posted by dtcbnd03

Chicago will see a contraction. All economic and behavioral signs are pointing this way despite the development boom continuing in West Loop. I do not see those recent developments going well...

I would be careful in terms of speaking in terms of absolutes. But yes, it could contract. I could see scenarios where that happens. A lot of younger property investors are going to lose their shirts if it does, and the woes of the west side will continue.

[BRU67]

Originally Posted by WestSideMillennial

How far along is the furthest development heading West?? Will development potentially reach the West Side or will it stop suddenly on a certain street?

This article paints a rosy picture for the City...

https://chicago.suntimes.com/2020/12...ntown-property

What with “Zoom fatigue” and general nostalgia for seeing co-workers again, Hewings detects workers want to get back to familiar ways and visit the old haunts. That bodes well for real estate demand in and around the Loop.

As Redfin chief economist Daryl Fairweather put it in a review of markets nationwide, “Many buyers are crossing their fingers that restaurants, bars and shops may be bustling again in the next year or so, and they’re looking to invest in the eventual resurgence of cities.”

However this, like the comments on here, are speculative in nature. It also involves finger crossing, LOL! Still, I tend to lean to this view over the more cynical views based on my experience but, again, I have no crystal ball.

As such, I recommend a conservative approach to buying real estate until we can more clearly see what the longer term inpact of COVID (and the crime wave it brought) is going to be. Some young Millennial buyers are paying pretty decent money on properties in the heart of North Lawndale and East Garfield Park and rehabbing them, assuming they will gentrify. I think that'll be a ways off even under the best of circumstances, and I fear these types of buyers will get burned because these suburban-raised real estate novices are not familiar with the unique issues presented by operating a property in that type of submarket.

So essentially, I would say if you see a good deal in a safe area, I would go for it. Otherwise, I'd hold and wait. IMO.

[ChicagoMeO]

do you think those beautiful industrial buildings are being torn down and replaced by a boxy ugly modern building because with today's needs, those buildings wont work. just like the old Post Office downtown which worked for many years, now wont work because its inefficient.