West Loop Development Boom Still On-Track
Posted by Leo Clark. on
Despite questions over the pandemic and office space demand moving forward, it appears the Fulton Market building boom is set to continue, according to a recent report from Block Chicago.
Earlier this year, Chicago’s Committee on Zoning lifted a ban on residential development north of Lake Street, providing new opportunities for both developers and new home owners and renters to become part of Chicago’s hottest neighborhood.
For years, residential construction was prohibited around the Kinzie Corridor Overlay District near Fulton Market thanks to all the industrial companies and meat packing facilities that once dominated the landscape.
That landscape, however, has since evolved and not Fulton Market is where you’ll find many of the city’s trendiest…
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In case you missed it, the 14,260 square foot penthouse on the 89th floor of Chicago’s Trump Tower officially hit the market last month for a cool $30 million. Not surprisingly, the newly available penthouse is now the highest-priced condo currently on the market. 
The housing market in the Chicago-area has been booming, but recently released data shows the market could be easing up from what we saw over the spring and summer seasons. From January to June of 2021, the median home sale price in Chicago’s nine-county metro area hit $300,000. 
A decision from the Chicago Committee on Zoning a few months ago could have a far reaching impact on development in Fulton Market. The committee approved an ordinance last spring which lifted a ban on residential development north of Lake Street.
Last year was a year of changes for many, and perhaps most notably among homeowners who are now working from home. With many employers opting for remote scheduling during the duration of the pandemic, employees have started reevaluating where and how they live, and according to some statistics, nearly 40% of those workers still don’t know if they’ll be gong back to the office any time soon. 
Newly released figures show new home sales up for the month of August. The data comes from new reports credited to the Department of Housing and Urban Development and the US Census Bureau. 
Mortgage rates have moved even lower thanks to the COVID-19 delta variant continuing to spread at a rapid pace. According to the latest figures, 30-year fixed mortgages spend a considerable amount of time under 3% last month, and 15-year fixed mortgages remained at historic lows.
In case you missed it, only 3 homes remain at Three Sixty West, one of River North’s premier new construction condo developments. 
Rising up high above the city, One Chicago offers elegance and sophistication in an inspirational setting. From its impressive list of amenities to its sensational finishes, One Chicago certainly doesn’t disappoint when it comes to an upscale condo lifestyle in Chicago.
A plan to turn a 51-story River North condo tower into apartments is back up for a vote. Condo owners at Ontario Place recently had the opportunity to let their voices be heard in terms of a nearly $190 million “deconversion” plan.