CHICAGO | Highrise Projects & Construction, v7

[lakeshoredrive]

Originally Posted by marothisu

Yeah, logistically that would be a better location.

And they can buy the parking lot next to it for a larger footprint.

[west-town-brad]

Originally Posted by Randomguy34

I can't imagine a developer proposing an almost-supertall office building at the moment unless it was for a major corporate tenant.

Sterling Bay is building a new HQ tower for Citadel.... but alas that will be in Miami now.

[thegoatman]

[Chicago_Forever]

Originally Posted by lakeshoredrive

And they can buy the parking lot next to it for a larger footprint.

I believe they already own both sites as prior designs utilized both parcels.

[SolarWind]

July 14, 2022

[rivernorthlurker]

Is this a construction webcam somewhere?

Originally Posted by thegoatman

[marothisu]

626-630 S Wabash Ave was issued its first building permit today - an 18 story co-living and student housing building with 151 rooms/332 bed rooms with a total of 80 parking spaces, and ground floor retail. The site is currently a vacant lot and currently around the corner from the Harrison Red Line stop:

https://www.google.com/maps/place/62...!4d-87.6259757

Via https://chicagoyimby.com/2021/08/ren...outh-loop.html

[marothisu]

Hopefully someone is listening to this

Want to bring tech jobs to Chicago? Invest in multifamily, experts say.

https://www.bizjournals.com/chicago/...nvestment.html

“At the end of the day, real estate investments follow demographics. Just look at the abundance of new development for multifamily in the Fulton Market District,” said Gunnar Branson, CEO of the Washington, D.C.-based Association for International Real Estate Investors. “If Chicago had more neighborhoods like that, you would see more tech companies and families relocating to the Windy City.”

[galleyfox]

Originally Posted by marothisu

Hopefully someone is listening to this

Want to bring tech jobs to Chicago? Invest in multifamily, experts say.

https://www.bizjournals.com/chicago/...nvestment.html

So if there were more high-density, safe, affluent neighborhoods with lots of stores and restaurants, more people would move to Chicago?

Well, duh?

But the hard part has always been getting high-rise developers to invest in the more marginal neighborhoods with good density bones.

How exactly do you get more development in a neighborhood like East Garfield Park without first having reliable demand?

[OrdoSeclorum]

Originally Posted by galleyfox

So if there were more high-density, safe, affluent neighborhoods with lots of stores and restaurants, more people would move to Chicago?

Well, duh?

But the hard part has always been getting high-rise developers to invest in the more marginal neighborhoods with good density bones.

How exactly do you get more development in a neighborhood like East Garfield Park without first having reliable demand?

There are tons of safe, affluent neighborhoods in Chicago that people are trying to move to right now but they cannot because it's unaffordable. It's unaffordable because it's difficult to build a 40-unit building or illegal to build a three flat, or both. If we add a 1000 units near the L in Bucktown, a 1000 people will move into them.

Lincoln Park has block after block of single family homes. Let those owners turn their homes into three flats. Put a high rise by the L-stop on Fullerton. Don't make it illegal to omit parking.

[untitledreality]

Originally Posted by galleyfox

So if there were more high-density, safe, affluent neighborhoods with lots of stores and restaurants, more people would move to Chicago?

Well, duh?

But the hard part has always been getting high-rise developers to invest in the more marginal neighborhoods with good density bones.

How exactly do you get more development in a neighborhood like East Garfield Park without first having reliable demand?

I imagine it is less about pumping new units into 'marginal' areas, and more about building in 'established' areas... and definitely not limited to high rise development.

The best case for turning places like East Garfield Park around would be to make the West Loop so incredibly attractive, that renters/buyers/small landlords/small developers begin to look at the "next block/next L stop", eventually creating a slow wave of private investment through the community.

Originally Posted by OrdoSeclorum

There are tons of safe, affluent neighborhoods in Chicago that people are trying to move to right now but they cannot because it's unaffordable. It's unaffordable because it's difficult to build a 40-unit building or illegal to build a three flat, or both. If we add a 1000 units near the L in Bucktown, a 1000 people will move into them.

Lincoln Park has block after block of single family homes. Let those owners turn their homes into three flats. Put a high rise by the L-stop on Fullerton. Don't make it illegal to omit parking.

1000 units near Damen Blue
1000 units near Southport Brown
1000 units near Fullerton Red
1000 units near Morgan Green

It just so happens that the only one of those getting massive investment in multifamily is the Morgan Green (and lately Ashland Green).

Maybe it is a matter of affordability, maybe it isn't. None of the new units coming online in the West Loop are affordable, but what they are is new. So much of the rental stock in Lincoln Park, Lakeview, Wicker Park, Logan Square is garbage because there is no pressure to modernize...and with next years Big Ten graduates ready to sign new leases, they will always get filled.

[Vlajos]

Originally Posted by galleyfox

So if there were more high-density, safe, affluent neighborhoods with lots of stores and restaurants, more people would move to Chicago?

Well, duh?

But the hard part has always been getting high-rise developers to invest in the more marginal neighborhoods with good density bones.

How exactly do you get more development in a neighborhood like East Garfield Park without first having reliable demand?

Probably not possible. Rents don't support that kind of construction.

[marothisu]

The whole point of that guy in the article was to say "if you build it they will come." Not the other way around. Right now there is a shortage it seems of these kind of rentals which mainly exist downtown. Obviously a bunch are coming up soon enough in Fulton Market/West Loop but still.

When my wife and I were moving back here last year and needed to rent, the downtown prices were mostly crazy inflated minus parts of South Loop (which is why we ended up there). I think there's been some nice new rental developments in Lincoln Park (like Lincoln Commons), and in Lakeview/Uptown along Broadway and the one along Lincoln in LP a little north of DePaul but there really should be more in these kinds of areas. There's still plenty of sites in these areas that are way underutilized (for example, this place which is for sale: https://www.google.com/maps/place/N+...!4d-87.6561882 ....... or this whole abomination of an intersection: https://www.google.com/maps/place/N+...!4d-87.6561882). It sucked though because nowhere had vacancy - all filled up.

It'll be interesting to see the new residential buildings in Fulton Market area coming online if it spurs any new office location development for companies in that area too. I think that Halsted Point will be pretty successful the way things are going. North Union will probably do well too. We'll see about Lincoln Yards but it'll probably be good if they can lure more companies there.

[SolarWind]

July 11, 2022



July 12, 2022

[SolarWind]

July 12, 2022

[SolarWind]

July 12, 2022

[SolarWind]

July 14, 2022

[SolarWind]

July 14, 2022

[SolarWind]

July 14, 2022

[SolarWind]

July 14, 2022