Chicago's South Loop is a Condo Hotspot
Chicago's South Loop is outperforming all other downtown neighborhoods in new
"The South Loop continues to dominate the downtown housing market in terms of new
The mix includes 3,117 new construction condominiums, 188 adaptive re-use loft
The growth in the South Loop is taking form in a wide range of residential developments
construction and residential development.
"The South Loop continues to dominate the downtown housing market in terms of new
projects and sale velocities," said Gail Lissner, vice president of Appraisal Research
Counselors which produces the Downtown Chicago Residential Benchmark Report.
"While if offers a wide range of housing types, much of the development taking place
consists of mid-price units in the $300 to $400 per square foot price range," she said.
According to the Benchmark report, there are 4,123 housing units currently in the
pipeline which represents 27 percent of all the residential development projected for 2007
and 2008 in the South Loop.
The mix includes 3,117 new construction condominiums, 188 adaptive re-use loft
condos, 100 townhouses and 718 rental apartments.
The growth in the South Loop is taking form in a wide range of residential developments
including upscale, luxury, single family houses to high-rise condomiminiums being built a
along some of the neighborhood's premier streets. New residential corridors have emerged
on State and Wabash Streets between Michigan and Indiana Avenues. Other enclaves are
developing in the historic district on Prairie Avenue and along the Lake Michigan lakefront.
Development on the neighborhood's farther reaches are expanding the demarcation lines
south to Cermak Avenue and west to the Chicago River.
The area's residential growth spurt of new services including a variety of restaurants
that have opened their doors in the Wabash-Michigan Avenue corridor and in shopping and
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