Tuesday, June 27, 2017

What's Up With All the Billion Dollar+ Developments in Chicago?

Related Midwest's 62 acre site
In case you missed this article in the Chicago Tribune about some of the city's massive developments, it's a good read.  The article states that there are about 10 projects that will have development price tags over 1 billion dollars - pretty crazy.

If you're like us, you questioned where all this demand comes from.  The article sums it up succinctly as follows (via Chicago Tribune):
Developers are emboldened by a convergence of trends, including a surge in headquarters relocations to downtown Chicago, low interest rates, years of increased real estate values, changing preferences of office and residential tenants, new zoning policies and a willingness by big funds and wealthy foreign investors to plow large chunks of cash into single, high-impact projects.  
Among this era's largest projects are multibillion-dollar ones such as Related Midwest's $5 billion-plus vision for a 62-acre site along the Chicago River in the South Loop and Sterling Bay's yet-to-be-unveiled blueprints for more than 40 acres on and around the North Side site where the A. Finkl & Sons steel plant once stood along the river.

Well there you have it.  Should be interesting to see how these all come to life (or if they don't).

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