What Happens to a Developing Community When The Economy Sucks?
Your guess is as good as mine, but in the short term it sounds like development in the South Loop is bound to slow down (however realize this is not unique to us, it’s happening across the country at a great pace):
As Congress begins considering another bailout package for the banking sector, developers behind high-profile projects in the South Loop and West Loop are delaying building. Pre-sales of units are slower. They're waiting to seek construction financing. Some condo buildings are now entirely rental.
Here is the full article which is called Market Madness and talks about condo development in the sloop.
Yesterday I was looking over the south loop from the 34th floor of 440 S. Lasalle and it looked like virtually none of the construction cranes were moving with the exception of those bordering the rail tracks by soldier field. I'm especially curious to see what happens to that development along Roosevelt next to the Target. That land has been been stripped of it's R&R tracks for years now, yet developments have consistently fallen through. However, there is a large foundation and and some major construction completed at that site so I'm guessing that if this credit squeeze ends sooner than later, it will resume construction. Maybe the construction workers were taking Columbus day off....ReplyDelete