There's been a lot of discussion about The 606 trail and what it has done for property owners and developer speculation along the former rail line. And as of this week, the same discussion about gentrification and new development has shifted to Little Village, Pilsen, and other areas that line what could be the next big rails-to-trails project — the Paseo Trail. And while it's still being debated whether or not The 606 has led to a spike in property values, there's no doubt that the areas directly adjacent to the trail have witnessed a steady pace of new construction activity.
In listings for properties that line the trail, brokers will almost certainly mention a property's proximity to the trail — after all, it can be viewed as a major amenity. And while there's been talk about building affordable housing along the trail, it's not uncommon to see new listings for properties located near the trail ask half a million dollars or more. In some cases, particularly in Bucktown, it's not unusual to see new listings with seven digit asking prices. For example, this property, which just listed yesterday, is asking $4 million. It's located on a lot that stands next to the trail, and has a couple different outdoor deck spaces that offer views of the repurposed rail line.
Interestingly enough, the new mansion comes from LG Development, the same developer that just launched a crowdfunding campaign to raise $10,000 to place a bicycle counter near another one of its developments along Milwaukee Avenue. An LG rep tells DNAinfo that the total cost of installing the bike counter on Milwaukee Avenue would be around $35,000. Perhaps they can spare some more change for that project if they're able to line up a buyer for this $4 million home.
Update: The latest listing for this property no longer appears on the MLS.