CHICAGO | General Developments

[moorhosj]

Originally Posted by Chi-Sky21

That field is horrible, the company that resods that must donate a lot to the right people to stop the Park District from using field turf there.

I don't think you can host international soccer or rugby matches with field turf.

[LouisVanDerWright]

Why not build a Fire Stadium in the giant wasteland South or West of the IMD? Maybe along Ashland or at Western and Ogden. It would only be 4 blocks from the Blue Line and 4 Blocks from the Pink Line in either case.

[MayorOfChicago]

With the West Loop development boom blowing towards Ashland and a new Green Line stop at Damen, the entire void area around the United Center is just PANTING for a huge overhaul.

Everything from Lake to I-290 and Ashland to Damen.

My quick vision would be to take the essentially blank canvas of Washington to Madison and Wood to Damen and create a large entertainment, commercial, restaurant and residential component with two levels of underground parking where Lot C is located. Have an auxiliary entrance/exit from the Damen Green Line stop at Walcott and there's only two streets to walk before hitting the main complex starting at Washington.

Build another underground/above ground parking structure where Lot K is located serving Malcom X and the United Center, then let the natural winds of gentrification take over the other remaining surface parking lots around the United Center and any other vacant lots with other private development.

There's already demand coming in from the east, you don't have to treat it as this area where you're trying to create demand and build things to coax it into the area - it's coming regardless with the push from the West Loop.

Hell, put in a Pink Line station at Madison as well, although I think with the new Damen stop it's more unlikely to see yet another stop there at Madison. The Blue Line and Green Lines at Damen are already going to be just north and south of the United Center, having a 3rd right at Madison would be the closest, but might be an overkill. I would have rather seen the Pink station than another Green, although at least the Green will serve other areas to its north and south ripe for growth.

I would like to see this area develop into something dense where driving to the United Center isn't as much "obvious" if you have a car, but you'd look at public transit options first.

[Via Chicago]

Originally Posted by MayorOfChicago

I would like to see this area develop into something dense where driving to the United Center isn't as much "obvious" if you have a car, but you'd look at public transit options first.

in other words, exactly the kind of neighborhood that used to be there before the urban renewal era

[danielschell]

Whoever of you was walking around the Wrigley Field construction sites early this afternoon: I have major lens envy.

[danielschell]

Clarkview. 7 stories, 24 units at 3226 North Clark, where The Alley used to be. Facade is being preserved. http://wp.me/p7uLxw-2jI

[the urban politician]

^ Glad to see this getting started

The saturation of the rental market is going to slow down the little TOD machine we've got going here just while it's getting hot. It would be nice if we could convince condo owners living near transit that they can go car-free. That would be the next major step that would finally unhinge core areas of the city from its slavery to the car and really let development take off for years to come.

[SamInTheLoop]

^ While it's true that the rental market will be getting saturated, construction starts are going to continue to be pretty strong for a bit longer than many might assume.....

[LouisVanDerWright]

I was getting worried the rental machine was slowing over the winter, but in the last couple of weeks the spring season has brought yet another onslaught of interest in my listings. There will inevitably be a slowdown, but the city is also just seeing legitimate demographic change driving these developments. The real question is when the market starts switching to condo.

[the urban politician]

I'm getting interest, but tenants these days have a lot more options. It's not a slam dunk any more unless you are coming in at a low asking rent

[MayorOfChicago]

Originally Posted by LouisVanDerWright

I was getting worried the rental machine was slowing over the winter, but in the last couple of weeks the spring season has brought yet another onslaught of interest in my listings. There will inevitably be a slowdown, but the city is also just seeing legitimate demographic change driving these developments. The real question is when the market starts switching to condo.

One big issue now is the current generation, mostly millennials, simply don't have money for down payments. I'm 37 and have had a condo since I was in my mid 20's. Most of my friends who I met when I moved here in 2001 all had condos by their mid to late 20's. The older generations tended to buy houses even earlier, when they got married and started having kids in their mid 20's.

After the housing crash chased the younger generations away from home buying out of fear of value declines, the rebounding values and "normal" resumption of the market hasn't prompted this generation to buy.

These days it's more a lack of savings and funds for a 20% down payment than anything. Kids just aren't saving anymore, they're all renting.

I look at all my coworkers at work in their 20's and talk to them, they're virtually ALL renting even into their 30's now, it's just not on the table. Renting is perfectly normal, buying is too much of a risk.

Amazing how many new apartments have been built the past 6 years. Can you imagine going back to 2007 when everyone thought apartments were dead and condos were the only wave of the future and tell them that 10 years from now tens of thousands of new apartment units would be piling into the metro area?

[the urban politician]

I continue to think that condos in Chicago are a poor investment unless you are in the luxury market. They don't appreciate well.

[IrishIllini]

Originally Posted by the urban politician

I continue to think that condos in Chicago are a poor investment unless you are in the luxury market. They don't appreciate well.

Why do you say this? I've heard of people buying condos for less than 200k in the late 90s and then selling them now for double what they paid. Sometimes more. My neighbors bought in 2013 and sold for this past year for thirty percent more than they paid. I think the housing bubble wiped out nearly a decade's worth of gains, but condo prices have been climbing in desirable parts of the city. They're definitely more volatile than SFHs though.

[Via Chicago]

Originally Posted by MayorOfChicago

One big issue now is the current generation, mostly millennials, simply don't have money for down payments. I'm 37 and have had a condo since I was in my mid 20's. Most of my friends who I met when I moved here in 2001 all had condos by their mid to late 20's. The older generations tended to buy houses even earlier, when they got married and started having kids in their mid 20's.

After the housing crash chased the younger generations away from home buying out of fear of value declines, the rebounding values and "normal" resumption of the market hasn't prompted this generation to buy.

These days it's more a lack of savings and funds for a 20% down payment than anything. Kids just aren't saving anymore, they're all renting.

I look at all my coworkers at work in their 20's and talk to them, they're virtually ALL renting even into their 30's now, it's just not on the table. Renting is perfectly normal, buying is too much of a risk.

Amazing how many new apartments have been built the past 6 years. Can you imagine going back to 2007 when everyone thought apartments were dead and condos were the only wave of the future and tell them that 10 years from now tens of thousands of new apartment units would be piling into the metro area?

im 32 and still renting and have nowhere near what would be needed for a 20% down payment. ive had good employment but basically prioritized my savings for retirement (25%) and keeping a healthy emergency fund handy. add on 1k in monthly rent plus monthly living expenses and theres not a whole lot left for house money. and i would consider myself lucky as i dont have debt. most people my age are still crawling out from student loans, and we cant rely on pensions the way our parents could. we are being asked to do more with less. most people are delaying marriage too. most of my friends in their mid 30s are still dating. and the little secret is most people cant afford down payments until they have dual incomes, or they get a little gift from mom and dad. despite what people here would have you believe, not everyone is working in a 100k tech job.

earnings have simply not kept up with the surge in home values and the COL in general. i think a lot of this generation would like to buy, but with skyrocketing rent its nearly impossible to get ahead of that curve. and while hindsight is 20/20 when you look at housing prices a few years ago, the reality is when youre in fear of losing your job at any moment buying a house isnt exactly your first priority.

[Kenmore]

Originally Posted by the urban politician

I continue to think that condos in Chicago are a poor investment unless you are in the luxury market. They don't appreciate well.

paid 140,000 for a 2/1 in uptown in 2010. Comps going 180-220 now.

considering rents for 2/1s, we've saved a ton of cash

[mattshoe]

Originally Posted by Kenmore

paid 140,000 for a 2/1 in uptown in 2010. Comps going 180-220 now.

considering rents for 2/1s, we've saved a ton of cash

I paid 175,000 in late 2014 for a condo in East Humboldt Park. I refinanced in late 2016 and it was appraised at 225,000.

I rented the place for a year before we bought, monthly price went down $200/mo when I bought.

I do feel there is a little bubble going on now with the price I was appraised at, but I am hoping it continues. Being 2 blocks away from the 606 definitely doesn't hurt.

[BrandonJXN]

They are doing soil testing at the Belmont Blue Line Station. I guess they are getting ready to start with that (imo unnecessary) roof. $15 million dollars. Goodness.


https://assets.dnainfo.com/photo/201...extralarge.jpg


https://assets.dnainfo.com/photo/201...extralarge.jpg

[ithakas]

Originally Posted by danielschell

God this is nice.

I hope this project serves as a template for adding mid-rise density to a lot of nice low-slung terracotta retail buildings on the north side.

[the urban politician]

^ Regarding the Belmont Blue Line stop work: Waste of money. Look at the state of land use around there. Absolutely criminal

[Rizzo]

Originally Posted by BrandonJXN

They are doing soil testing at the Belmont Blue Line Station. I guess they are getting ready to start with that (imo unnecessary) roof. $15 million dollars. Goodness.


https://assets.dnainfo.com/photo/201...extralarge.jpg


https://assets.dnainfo.com/photo/201...extralarge.jpg

I know it's your opinion that's it's unnecessary. But roofs are important. They prevent the rain and snow from getting on you. Which prevents rain and snow from getting on the floors and seats of transportation vehicles.

Currently there is no roof. Only a roof over the steps. The design solution for a roof is challenging because it must cover a large area and be free of columns so that they don't get hit by buses and so it's less maintenance. Roofs that require larger spans require more structure. Structure over top of subway stations require more engineering and present construction challenges. Construction around an active subway and bus station extends timelines. All of that amounts to a higher cost than what you may think a conventional canopy should cost.

Also there is no elevator and there will be an elevator for the elderly, people in wheelchairs or people with strollers. Elevators are expensive, especially when excavation is required and they need to reconfigure the station lobby.