Developers broke ground this week on the first of several mega real estate development projects coming to the south and north sides of Chicago in the near future.
The highly anticipated Riverline development in the South Loop will transform 14 vacant acres into a mix of new residential, retail and public open space. The 3,600 unit multi-phase project will be spread across eight buildings along the riverfront. The site is bounded by Harrison, Roosevelt, Wells and the Chicago River.
More massive than the Riverline project is the re-development of the vacant 62-acre, riverside property at Clark and Roosevelt. Related Midwest will be heading up this project -- one of the largest development undertakings in Chicago history. Connecting the South Loop with Chinatown, it will include residential, retail and office space and could take as long as 15 years to complete. Alderman Danny Solis (25th) whose ward includes this site also indicated a new school could be considered for the area. Related Midwest has not yet finalized or made public its proposal for the site.
On the North side, plans are underway for a mixed-use redevelopment of the 40-acre Finkl Steel site and other portions of the North Branch Industrial Corridor. The corridor encompasses portions of Lincoln Park, West Town and the Near North Side. Its boundaries run from Fullerton south to Kinzie, west to 90/94 and east to Kingsbury and the North Branch of the Chicago River. Developer Sterling Bay owns two properties next to the Finkl site and is in advanced talks to purchase the Finkl property from a group of former executives. A final re-development plan should be completed and ready to go before the City Plan Commission in early 2017.
These three mega-developments will not only create new neighborhoods on the South and North sides of Chicago, but also provide economic opportunities for residents across the city for years to come.