Upcoming 2024 Chicago Real Estate Developments

2024 Chicago Development Projects

Chicago’s real estate developments are rapidly expanding with some thrilling advancements. From combined commercial and residential property developments to new environmentally friendly apartment features, we have collected a few of the most exciting development projects to look for within the year. The following properties are revamping neighborhoods and adding to the architectural layout of the city, while also offering new opportunities to buyers/sellers.

CABRINI-GREEN DEVELOPMENT – CLYBOURN AND LARRABEE

The new chicago development of the Cabrini-Green apartment complex is projected to include 248 units available for rent. The development aims to provide affordable market rate apartments that serve as multifamily homes, and is currently in the planning stage of development. As of 12/27/23, initial details have been revealed, and the zoning application was filed by Chicago Housing Authority. This 2024 development is set to put an emphasis on accessibility by creating enjoyable housing for people with disabilities and will include many accessibility features.

Lincoln Square Apartments

The apartment plans for the 5035 N Lincoln Ave development are putting an emphasis on clean living, and will include bicycle spaces, electric vehicle chargers and a partial green roof. signaling a switch to green energy in the chicago-land area. The 2024 Chicago development will also feature five stories with 47 apartments. The current plans call for mixed commercial/live-in spaces, and will put a focus on having 15 affordable units . The NorthShore Development Group along with partner THNS LLC have recently requested a zoning change as of 12/8/23 signaling some potential changes to the property.

Clybourn Corridor

The new Chicago development of Clybourn Place shopping center includes a major redevelopment that includes a 520 feet apartment building. The apartment building is in the works of getting approved by the city, but would include 50-stories of residential housing. The plan would have 70,875 square feet of retail space and an enclosed and surface parking spaces. Additionally, the surrounding area of Lincoln park has been approved for towers as tall as 595 feet which shows promise for the Cybourn Place apartment development.

Thompson Center Google Renovations

The renovations of the famous Thompson Center in Chicago are in full swing before over 1,000 Google employees will join the building. Google previously announced in July 2022 that it would be taking over the Thompson Center, and now almost 2 years later renovations are in the works. On May 3rd, demolition of the exterior of the building started. The permits issued for the property allowed for metal and glass siding to be removed and will be replaced with a opaque glass exterior. Google has stated that the atrium will be left open to the public and the major company hopes to make it a midwest hub for Google once the construction is done.

400 Lake Shore Drive

Construction has began at 400 Lake Shore where a 2-tower residential development will be constructed. The first part of renovations will be a 72-story residential tower. The tower’s foundation of a concrete base was just poured earlier this month, and the tower is the tallest current tower under construction in all of chicago. The residential towers are set to house over 635 new apartments, and about 127 of those apartments are set to be affordable. Overall, the properties will provide hundreds will housing and are projected to be major real estate to look out for in 2024.

3951 North Wayne Avenue

Permits have officially been issued as of March 2024 for the new residential property in Lake View, Chicago. The new chicago real estate development has an official budget of over $9 million dollars, and will be four-stories high. Overall, there will be 31 units in the building and the apartment will offer a few different amenities including a deck and rooftop access. The general contractor for the project, Vivify Construction LLC, hopes to have a timely process, and the complex will hopefully be done in the next year.

Woodlawn Central Distict Renovations

The district of Woodlawn central is a 8 acre, 1 million square foot district that is being renovated to include a variety of housing, retail, commercial and corporate real estate developments. The large scale real estate development plans to prioritize development while trying to avoid displacement in the Woodlawn area. The property development also aims to be an equitable transit-oriented development, which would enhance the areas urban layout. The first phase of development and the development overall aims to be a new model for urban regeneration and is designed for and made by the Black community.

116 S.Paulina Mixed-Use Development

The Chicago Plan Commission approved the mixed-use development planned by the City Church Chicago. The sit is currently vacant, but the City Church has big plans for the space. The project is expected to be built in multiple phases. The first phase will build a 2 story building, which will include the Church’ s main worship space, retail spaces and a cafe. The second phase will expand the property to the north and will add young programming areas, business office spaces and conference rooms. Finally, the third phase will see the major real estate development of a 12-story residential tower, which would include 76 residential units.

If you are interested in any of these new investment opportunities or management opportunities within chicago real estate, our team at PRG management are here for you! Contact us today with the form below to talk to a management expert at Pearson Realty Group!

New East Side Chicago Developments │ New Lakeshore East Condos

New East Side Developments In Chicago’s Lakeshore East Neighborhood

To a surprising number of Chicago residents, it’s a shock to find out that the city technically has an East Side. New East Side Chicago developments have been popping up all over the Lakeshore East neighborhood, located just north of Grant Park in Chicago’s Loop and just south of River North.

The past decade has seen an abundance of new construction projects that have continued success even through the Covid-19 pandemic. Easily accessible public transportation, shopping & food, and plenty of amenities make the Lakeshore East area one of the superior neighborhoods in the city.

New East Side Chicago buildings such as the Cirrus, Aqua, Shoreham & Tides, and The Parkshore are prime examples of the type of luxury condos you can find in this part of the city. Not only do you have the wonderful amenities in and around the building, but the welcoming community these buildings tend to attract as well. Just check out this video from the 47-story tall Cirrus Condos building showcasing their beautifully constructed skyline architecture and the surrounding area packed with life:

Cirrus Condominiums in Chicago from Cirrus Condominiums Chicago on Vimeo.

As you can tell from the promotional video, the courtyard-style park in the middle of all these highrise condos, appropriately named Lakeshore East Park, is a giant draw for these condo buildings. With the New East Side in such a densely populated area coupled with it being a high traffic area for tourists as well means privacy or a simple quiet walk are more highly sought after. Perfect for these residents this courtyard is surrounded on all sides by the condo buildings that have walkways and sidewalks directly from your building to the park. While many buildings will have a garden roof deck, for many a real quasi “private” park on the ground cannot be beaten.

One of the biggest challenges with these buildings is an obvious one, managing them. From regular & emergency maintenance, to negotiating with vendors, to simply collecting payments and much more in between; a lot of logistics and work go into managing just one of these amazing condo buildings. PRG Management specializes in working with Homeowner Associations at these types of buildings and has built up a reputation of one of the most trusted Property Management companies in Chicago, a rare feat. From the NEw East Side to the South Side and even the surrounding suburbs, we have an extensive track record of successfully managing buildings and helping them stay profitable.

Take a look at what services our property management contacts offer on the PRG Management Services page and contact us today to request your free management proposal today!