The Biggest Real Estate Projects Poised to Shape Chicago in 2018
Chicago had a busy 2017. A record number of cranes could be seen busy building hotels, condos, skyscrapers, and more. Although the construction rush is expected to slow in 2018, there are still plenty of projects to keep an eye out for. Here are four of the biggest real estate trends shaping Chicago in 2018.
A Changing Skyline
Chicago’s iconic skyline has remained largely the same for years, but this could change soon. Three developments could take spots on the list of Chicago’s tallest skyscrapers. The three developments include:
- Vista Tower: 1,186-foot development set to move forward the Loop
- One Square Chicago: 1,011-foot residential development planned for River North
- One Grant Park: 892-foot development being built in the South Loop
If each of these developments reaches their planned heights, 900 N. Michigan, Chase Tower, and Water Tower Place will no longer be among the 10 tallest skyscrapers in Chicago.
New Neighborhoods and Hot Spots
Mega-developments could form completely new areas and even neighborhoods in Chicago.
The Lincoln Yards development being planned for the former Finkl Steel site bordering Lincoln Park and Bucktown could sprawl over a total of 100 acres and include residential buildings, office buildings, an extension of The 606 trail, and a stadium for a new professional soccer team.
A $5 billion development being spearheaded by developer Related Midwest is expected to connect Chinatown and the South Loop, creating a 78th neighborhood. Though the plan has been announced, the multi-phase project might not break ground until next year.
Development in the area surrounding McCormick Place could propel the area into the upper echelon of up-and-coming neighborhoods. The Near South Side area bears the name of Motor Row, but development could result in a new name.
Developers from Ireland and Spain are planning to buy the 440-acre U.S. Steel South Works site and build a mixed-use development on the lakeshore property. The development could spark major revitalization in South Chicago.
Chicago was already swept up in the fervor following the announcement of Amazon’s HQ2 campus location search. The city and state submitted a formal bid with 10 potential sites for the ecommerce company’s coveted headquarters. Amazon could release a short list of contenders early in 2018, according to the Chicago Tribune. If Chicago makes the list excitement will only build.
Here are some of the big luxury and boutique condo projects expected to move forward this year:
- 900 West: Developers have received a construction permit to build this 10-story, 22-unit luxury condo building in the West Loop.
- No. 9 Walton: Developers of this 37-story, 71-unit luxury condo received permission to increase the height of the building to 491 feet.
- Renelle on the River: This 18-story development has a construction permit. It is set to be built in River North. Units will go for anywhere from $1.3 million to $3 million-plus.