Wednesday, August 14, 2013

South Loop's "Spouting Towers"

Micah Maidenberg, one time Chicago Journal editor, knows the Sloop.  He now works for the Crain's Chicago and has constantly stayed true to his South Loop roots.

Anyway, he had a recent article in Crain's about condo development potentially picking up in the broader Chicago area:
Developers are starting to think the unthinkable. 
With downtown condominium sales up 50 percent this year and the supply of unsold units finally dwindling, developers are looking toward the first big condo project since the housing crash. Their hopes are fueled by a broader rebound in the local housing market, where new-home sales are on pace to reach their highest level since 2008. Gradual job growth is perking up sales, while record apartment rents make it cheaper to buy despite rising mortgage rates. 
Downtown developers are getting ready to bet on renewed demand to live in the center of the city, driven in part by a steady migration of large employers to the central business district from the suburbs. 
While the ingredients are there for someone to launch a major project, the fragile recovery isn't likely to support a second or third tower right away.
It a good read for real estate buffs, but we're posting about it because it holds up the Sloop as an example of the state of the current real estate market.  The article also talks about CMK Cos.' pending development at 1345 S. Wabash and provides a nice graphic of some potential new developments that could be coming in the neighborhood:
Graphic from Crain's Chicago
Always good to know what the future may hold.

(Hat tip:  TT!)

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