June 27, 2017
The development pipeline in Chicago has exceeded $20 billion, with at least 10 developments envisioned to cost $1 billion or more in the works. The megaprojects are spread across a wide array of product types, though are primarily centered in downtown, and reflect an urban migration trend.
Factors contributing to the construction boom include 60 companies relocating HQ’s to downtown Chicago, low interest rates, years of increased real estate values, changing preferences of office and residential tenants, new zoning policies and healthy investment appetites of big funds and wealthy foreign investors.
Among the notable Chicago projects include:
- Magellan Development Group’s 94-story, $1-billion Vista Tower condominium and hotel (pictured)
- Related Midwest’s $5-billion+ 62-acre site along the Chicago River
- Sterling Bay’s more than 40 acres on and around the North Side river site
- Chicago Cubs owners’ redevelopment of Wrigley Field and surrounding properties
- Main post office conversion into modern offices and retail
- Blackstone Group’s retail and entertainment enhancements at Willis Tower
- Riverside Investment & Development’s $1-billion+ Union Station redevelopment
- Riverside Investment & Development’s 51-story Wacker Drive office tower
- Crescent Heights’ 76-story One Grant Park residential
For comments, questions or concerns, please contact Dennis Kaiser