You’ve seen the stories. River North is booming! South Loop is booming! Buy, Lease, Go! But, is there a major influx of people coming to Chicago? Can this boom sustain its costs?
In the South Loop a large shopping mall project that was given the green light last August has remained vacant for several months, and now has a “for sale” sign on display. It was noted that the investor listed as Jaytee LLC recently filed for bankruptcy, but it’s unknown if this is contingent on the failed South Loop shopping mall project or a different unsuccessful venture. The South Loop itself has already seen development with new shopping centers and restaurants, so perhaps it’s possible that the failed shopping mall is a result of the neighborhood needing a different commercial space.
A nearby apartment complex has also stalled, and the space was listed for sale recently as well, which has many residents wondering if the hot market has cooled down. The good news is, the impressive and sprawling Riverline project is still developing. The project will offer 3,600 residences in eight waterfront buildings in Chicago’s near South Side.
Only time will tell if the real estate market boom in Chicago can endure itself, but many real estate moguls, agents, and locals keep a watchful eye.