The Chicago area surrounding McCormick Place has historically been a difficult spot to develop, with quite a few abandoned ventures. But that could all be changing, according to Crain’s Chicago Business. A slew of new developments for the area are in the works, and investors have high hopes that this Near South Side area will become the city’s next hot entertainment district.
While new developments are in the works, there is some debate on what to call this up-and-coming neighborhood. The area along South Michigan Avenue already bears the name of Motor Row, but the proximity to McCormick Place has thrown the name McCormick Square into the running. Crain’s reports that this area hopes to follow in the successful footsteps of Fulton Market District, which has become a distinct and popular piece of the West Loop.
Real estate investment firm Windy City RE has spent $19 million on vacant sites in the area within the last three years, according to the report. A new Marriott Marquis Chicago hotel is expected to open its doors in the area. A new arena for DePaul University and Chicago Sky basketball is also set to open soon. Several buildings in the area are the focus of redevelopment. Two former Chicago Bears acquired the building at 2222 S. Michigan Ave., according to the report. These projects are just a few of the many underway.
"There's more activity at higher prices, the (real estate) action is better. It's not on fire, but it is definitely a growing neighborhood,” David Baum, CEO of Baum Realty Group, said to Crain's.