Chicago Luxury Real Estate Scheduled to Be on a “Tear”

When it comes to real estate, Chicago has something to fit a number of location “wants.” A quiet neighborhood-like street? Easy. An upscale, urban condo in the heart of everything? Of course. Waterfront properties not far from all the perks of city living? Yep—and there’s soon to be more.

Not unlike many other parts of the country, developers are seeing the real estate opportunities that lie within land near water—and they’re putting in the work to clean up the waterways and develop along them.

Chicago is proving to be at the forefront of this trend, with a massive project along the Chicago River that broke ground last month: A $1.5 billion revamp of a spot on the southern stretch of the Chicago River.

A rendering of the Riverline project on the Chicago river, via the Chicago Tribune.

A rendering of the Riverline project on the Chicago river, via the Chicago Tribune.

Named Riverline, the development will include more than 3,600 new residences, with high-rise condos and townhomes and a public riverwalk. The location is just a short walk from Willis Tower, and will likely be a coveted spot for new construction real estate in Chicago, even with its expected completion timeline of eight to 10 years.

Real Estate, Professional Opportunities in Chicago

Developers aren’t the only ones seizing the opportunities throughout Chicago—major corporations are, as well. McDonald recently announced its plan to move its corporate office into the city, to the West Loop where Oprah’s Harpo Studios once called home. (It hasn’t been decided yet if the studio will be demolished or retro-fitted for McDonald’s to move in). Kraft Heinz has also announced relocating its Northfield office to downtown Chicago, and Motorola recently moved a number of executive-level employees to a shiny new office near Union Station.

A recent article in the New York Times highlighted several of these corporate moves into downtown Chicago, noting that the access and vibrancy of the Loop are what many young professionals are looking for in terms of job location.

And Chicago real estate has much to offer the professional crowd, as well. With Chicago real estate still considerably less expensive than other major cities—New York, London, Los Angeles, San Francisco, to name a few—relocating here has become an easy consideration for professionals. Clients from these areas find luxury real estate in Chicago to be quite inexpensive for exceptionally high-end buildings that are in an ideal location and come with all of the amenities they could imagine.

Perhaps that is why luxury new construction is selling very quickly right now. These high-end buyers know what they want: Namely new construction and space. Buyers moving here from other cities look for at least 3,000 square feet of living space; and they are finding it in Chicago condos that offer half- or full-floor residences in great locations like River North, the Gold Coast and others.

With major construction projects in the works and an influx of professional opportunities taking root in the city’s center, it’s clear that Chicago real estate could soon be taking on a major growth spurt. If you’re interested in new construction properties, I’d be happy to show you some of the current projects and new developments that might fit your taste and lifestyle. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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