The recent investment and expansion of the Chicago Riverwalk has been fast and furious, and my proprietary “investment radar” is going off in a big way. I’m constantly asked what the next big real estate opportunity will be in Chicago, and I think the River is where it’s at. I dug a little deeper to see if my radar feeling could be backed up with data, and it was actually unbelievable to see all that is happening in and around the River. Take a look:
NEW ATTRACTIONS ALONG THE RIVER:
Dining: Thursdays and Fridays are now a scene along the river. Huge yachts will park so people can grab a drink, and enjoy happy hour aboard. City Winery also has beautiful views of the River. A full rundown of dining options is here--and it’s expansive!
Retail: Have you ever seen a more gorgeous Apple Store than the one on the River? Chicago retailers take note!
Programming: Art on theMART is possibly the coolest art installation in Chicago! Have you seen the giant digital art projected on the side of the Merchandise Mart? It’s truly amazing. Check out the website here.
There is also the potential for increased Water Taxi Service to accommodate the increase in usage of the River.
A new art installation called Weather Station is also in the works by Chicago-based artist Inigo Manglano Ovalle. The piece will feature seven 117-foot stainless steel poles with wind vanes and anemometers on top. It will be completed in fall 2020.
Events: The stone amphitheater adjacent to the Southbank park can host events and concerts. More here.
312 RiverRun: Expansion along the River is also happening further north in Roscoe Village, where construction on the 312 RiverRun just broke ground. The new project includes three parks connected by a path that stretches two miles along the River, from Belmont to Montrose. More info here.
NEW DEVELOPMENT OPPORTUNITIES ALONG THE RIVER:
Some of these haven’t broken ground yet, and other opportunities are ready now.
Renelle on the River: New construction by Belgravia
Triangle Square: New construction in East Bucktown by Belgravia
Lincoln Yards: A huge new development by Sterling Bay with multiple types of housing options
The 78: Related’s new construction in the South Loop
Single family homes in West Lincoln Square: There are some very beautiful homes along the River further north in Lincoln Square. As the cache of the River increases, so will property values along the whole River.
Townhomes in west Lakeview: There are some great deals right around Diversey and Western Ave that would be great for first-time buyers or as investment properties.
Depending on what you are looking for, any of these opportunities would make a great investment. My prediction is that property values will continue to increase, especially over the next 7-10 years. When you see investment like all that is happening at the River right now, it is a good indicator that property values will follow--remember what happened with the 606? Same thing here. Contact us if you are interested in more information!