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Nubricks Blog - Chicago Real Estate Condo Development Booms

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04 Jun 2006

Chicago Real Estate Condo Development Booms

Chicago Skyline
Following a recent trip to the happening city of Chicago, I managed to take some time out to check out some of the city's new developments to hit the property market. Chicago seems to be in the midst of a real estate project boom with pre-construction condo developments being marketed in locations all over Chicago city. Staying locally with family, I was given the inside low-down on some of the up and coming areas of the city.

Chicago has always been overlooked by international property investors wooed instead by the bright lights of New York, however Chicago’s more affordable prices and increasing popularity are attracting the sights of smaller property speculators.

The Windy City has a ton of attractions on offer and the city enjoys a vibrant mix of cultures, arts & entertainment and a legendary nightlife with blues and jazz on tap. The city is well communicated with CTA (underground) and Metra (overland) train and bus services as well as freeway access to interstate motorways. Chicago’s International O’Hare Airport is the busiest airport in the world but incredibly modern and efficient.

The West LoopExtending from Halsted to Ashland, and Van Buren to Lake St, the West Loop has exploded in the last 10 years. Shedding years of bad press, one brick at a time, its close proximity to the loop (Chicago CTA system) it seemed like an ideal place for builders to invest. Just next door to downtown Chicago the area is slowing coming alive with funky lounge bars and eclectic restaurants setting up shop as the property developments take shape alongside new parks and historic landmarks.  The area once and still is the home of Chicago's meat and fish markets along Lake St, supplying the best restaurants in town. The area was littered with abandoned factories that developers purchased and converted into lofts and condos to feed the exploding real estate market and are now home to young urban professionals seeking an up and coming trendy area.

The large growth of the west loop neighbourhood is partially due to it being located within one of the few Enterprise Zones within the City of Chicago city limits. The west loop gate organization has focused on promoting the west loop and has been doing so for a number of years. The west loop has something to offer everyone from strolling down Halsted Street through Greek Town, eating at one of the various exquisite Restaurants, or working out at one of the area Fitness centres.

Read on for news on Madison 901, a prime development in Chicago's West Loop.
Category: USA Property

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