Chicago South Side Witnessing Real Estate Renaissance
As of late, investors began numerous real estate initiatives throughout the Chicago South Side. One major trend investors have noticed in Chicago is the influx of investments and developments in the South Side, causing property values to rise and homes to sell quicker than on the northside.
Here’s a look at what’s happening in south Chicago and why there’s a sudden surge in development of the communities in the area.
Rising Property Values in Chicago’s South Side
Property values in the Chicago South Side are rapidly gaining value amid a surge of large-scale developments such as the Obama Presidential Center, a potential PGA Tour golf course designed by Tiger Woods, and the redevelopment of major land use sites like the Michael Reese Hospital.
Chicago South Side Surge in Developments
All of this has property values rivaling their northside counterparts. This has created a boon for developers looking to build more housing in the area taking the place of formerly vacant lots, a much needed boost in housing numbers, especially in predominantly Black neighborhoods where new developments hope to create a domino effect of building and refurbishment.
Many of these new developments are being built atop unused parcels of land that either were entirely vacant lots or abandoned facilities like old warehouses. Flipping these buildings for apartments, retail locations, restaurants, gyms, and other businesses and services helps to increase community engagement and life in the neighborhood.
City-Backed Development Plan
Plans for these developments are backed by a Chicago citywide plan called ‘We Will Chicago’ which aims to increase investment across Chicago South Side properties by guiding budget and policy priorities around developments that improve economics, arts and culture, housing inventory, education, public health, and community infrastructure.
The main goal of this plan is to invest more funds in Black and Latino neighborhoods to spur economic growth, alleviating the side effects that cause displacement and increasing the availability of services and resources that can improve these neighborhoods.
For legal guidance regarding Chicago real estate transactions, schedule an appointment with the attorney at Lee Scott Perres, P.C.
