If you happen to be taking a walk down Upper Wacker Drive near State Street, you might notice that there is construction activity happening in nearly every direction you look. Downtown Chicago is most certainly experiencing another building boom, and developers are pumping out new hotels and apartment towers at a record setting pace. Just this year alone, developers are on track to deliver almost 3,000 new apartment units in the greater downtown area, the Tribune reports.
Hot areas include the Loop, the West Loop, the South Loop, River North and Streeterville. However this new record will only last this year, as developers are expecting to deliver another 5,000 apartments in 2016. Don't expect these units to be cheap though. Many of the new apartment towers coming down the pipeline will have rent prices that may eat up a big chunk of your paycheck. For example, when One Eleven (111 W. Wacker) opened last summer, rents started at $2,000 per month for a studio space. And beyond the downtown area, developers are proposing and building even more new apartments in the neighborhoods, notably along CTA L lines, the Clybourn Corridor and along Milwaukee Avenue. Keep an eye out for new tower cranes, and be sure to send your photos over to the tip line.
·Record number of downtown apartments to arrive this year [Tribune]
·Apartment Boom Town archives [Curbed Chicago]
·Mapping the 14 Highrises Under Construction Right Now [Curbed Chicago]