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New commercial projects a boon to Chicago housing market

Chicago is fortunate to be blessed with several vibrant neighborhoods. Lincoln Park, Lincoln Square, Streeterville and Ravenswood, for example, are bustling communities filled with eclectic restaurants, boutique shops and plenty of night life.

What’s really exciting, though, are those Chicago neighborhoods that are growing now, those neighborhoods that were once fairly dormant that are now attracting new businesses and residents in droves.

One such neighborhood? The West Loop.

This section of Chicago is bustling today, with residents filling condominiums and merchants setting up shop here. In my opinion, Chicago is a great city because of its wide variety of great neighborhoods. Seeing neighborhoods like the West Loop continue to blossom only helps the housing market throughout the city.

A recent story by Commercial Property Executive highlights the current interest in the West Loop. According to the story, construction began in this neighborhood Jan. 15 on Chicago’s largest commercial real estate project in five years.

A joint venture between Ivanhoe Cambridge, developer Hines and business person Larry Levy has resulted in the start of construction of the River Point tower, a 45-story office tower located at 444 W. Lake St. The tower will come with 900,000 square feet of leasable office space that will be ready to hit the market in 2016.

The project will also include a 1.5-acre public park, according to Commercial Property Executive. The park, of course, will make the West Loop neighborhood even more attractive to potential new residents.

Even though I sell residential real estate, I like seeing new commercial projects popping up in Chicago’s neighborhoods. These projects provide a boost to the housing markets in these areas of the city. In other words, the more projects like River Point the better the city’s odds of seeing a stronger residential real estate recovery.

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