Development Continues to Fuel West Loop Appeal

Posted by Terri McAuley on Sunday, September 25th, 2016 at 9:54am

While Chicago’s West Loop has seen incredible growth since coming out of the recession, it’s actually a part of town that’s been on the rise for many years. Most of the fabulous loft conversions you see all over this trendy part of Chicago first started to transform the West Loop back in the mid- to late ‘90s, and it’s been on a fairly steady upswing ever since. But since 2008, however, development all throughout the West Loop has been rigorous, and now many consider it to not only be Chicago’s hottest neighborhood since the recession, but also one of the most sought-after locations for home buyers and renters to consider for the foreseeable future as well. 

So what exactly is contributing to the latest development boom we’re seeing in the West Loop? 

While many headlines over the past couple years belonged to mega apartment developments and other large-scale residential projects like 9 W. Walton and Vista Tower, the West Loop is home to two of the highest-profile commercial developments we’ve seen in recent memory in 1K Fulton and now the new McDonald’s headquarters, which will replace the iconic Harpo Studios campus located at 110 N Carpenter St. In addition, the West Loop restaurant scene, which combines Greektown, Fulton Market, and of course Chicago’s famed ‘Restaurant Row’ along Randolph Street, is now also considered to be the hottest in all of downtown Chicago, helping give the neighborhood a unique and unparalleled balance of zoning that allows locals to live, work, and play all in one location.

According to recent figures released from Appraisal Research Counselors, 4,171 rental units have been brought to market in the West Loop since 2008, and over 500 more are expected to be delivered by the end of 2017. Towering projects along the expressway like Arcadia Tower are continuing to alter the West Loop landscape, and even luxury three-bedroom condos like the new CA Washington development are selling at a pace that’s faster than anything we’ve ever seen. In fact, if you swing by the development site of CA Washington at Washington and Aberdeen, signs now say the project is already 90% sold, and that’s even before ground has been broken. 

During a three month stretch earlier this year that ended on July 31st, 320 homes sold in the West Loop for a median price of $400,000, which is up nearly $100,000 compared to the same time-frame just four years ago. But what really tells the story of just how hot Chicago’s West Loop neighborhood has become is the average days on market for what’s already sold this year is just 41 days, and almost half of those properties sold for over the original asking price.  

For reference, Chicago as a whole had a median home price of $285,000 and a market time of 57 days during those same three months. 

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CHECK OUT SOME OF THE WEST LOOP'S HOTTEST NEW CONSTRUCTION BELOW:

123 South Peoria Street Ph, Chicago
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  • 0 SqFt

123 South Peoria Street Ph, Chicago

$3,300,000
123 South Peoria Street P2, Chicago
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  • 5 Beds
  • 6 Baths
  • 0 SqFt

123 South Peoria Street P2, Chicago

$3,150,000
123 South Peoria Street 3p, Chicago
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  • 5 Beds
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  • 0 SqFt

123 South Peoria Street 3p, Chicago

$3,000,000
123 South Peoria Street P5, Chicago
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  • 5 Beds
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  • 0 SqFt

123 South Peoria Street P5, Chicago

$3,000,000
900 West Washington Boulevard 202, Chicago
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  • 4 Beds
  • 5 Baths
  • 3,310 SqFt

900 West Washington Boulevard 202, Chicago

$2,975,000
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1109 West Washington Boulevard 2a, Chicago
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  • 3 Beds
  • 4 Baths
  • 3,193 SqFt

1109 West Washington Boulevard 2a, Chicago

$2,650,000
900 West Washington Boulevard 701, Chicago
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  • 4 Beds
  • 5 Baths
  • 3,265 SqFt

900 West Washington Boulevard 701, Chicago

$2,650,000
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1109 West Washington Boulevard 5a, Chicago
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  • 3 Beds
  • 4 Baths
  • 0 SqFt

1109 West Washington Boulevard 5a, Chicago

$2,595,000
20 North Loomis Street F, Chicago
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  • 5 Beds
  • 7 Baths
  • 5,634 SqFt

20 North Loomis Street F, Chicago

$2,500,000
1109 West Washington Boulevard 4a, Chicago
  • Residential
  • 3 Beds
  • 4 Baths
  • 0 SqFt

1109 West Washington Boulevard 4a, Chicago

$2,499,000
1000 West Monroe Street Ph701, Chicago
  • Residential
  • 3 Beds
  • 4 Baths
  • 3,500 SqFt

1000 West Monroe Street Ph701, Chicago

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900 West Washington Boulevard 601, Chicago
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  • 4 Beds
  • 5 Baths
  • 3,265 SqFt

900 West Washington Boulevard 601, Chicago

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313 South Racine Avenue 2bc, Chicago
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  • 5 Beds
  • 6 Baths
  • 4,313 SqFt

313 South Racine Avenue 2bc, Chicago

$2,040,000
220 South Green Street 4n, Chicago
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  • 4 Beds
  • 4 Baths
  • 3,427 SqFt

220 South Green Street 4n, Chicago

$1,999,900
216 South Green Street 4s, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 3,427 SqFt

216 South Green Street 4s, Chicago

$1,999,000
313 South Racine Avenue Pha, Chicago
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  • 4 Beds
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313 South Racine Avenue Pha, Chicago

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313 South Racine Avenue Phc, Chicago
  • Residential
  • 4 Beds
  • 5 Baths
  • 3,103 SqFt

313 South Racine Avenue Phc, Chicago

$1,665,900
111 South Peoria Street 313, Chicago
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  • 2,315 SqFt

111 South Peoria Street 313, Chicago

$1,499,900
28 North Carpenter Street Phn, Chicago
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  • 3 Beds
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  • 2,191 SqFt

28 North Carpenter Street Phn, Chicago

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456 North May Street 3, Chicago
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456 North May Street 3, Chicago

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1400 West Monroe Street 6g, Chicago
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1400 West Monroe Street 6g, Chicago

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1000 West Monroe Street 501, Chicago
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1000 West Monroe Street 501, Chicago

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111 South Peoria Street 702, Chicago
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  • 3 Beds
  • 4 Baths
  • 2,147 SqFt

111 South Peoria Street 702, Chicago

$1,295,000 ↓ $20,000
6 North Bishop Street 508, Chicago
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  • 4 Beds
  • 4 Baths
  • 2,306 SqFt

6 North Bishop Street 508, Chicago

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111 South Peoria Street 701, Chicago
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  • 3 Beds
  • 3 Baths
  • 1,900 SqFt

111 South Peoria Street 701, Chicago

$1,275,000
216 South Green Street 1s, Chicago
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  • 4 Beds
  • 3 Baths
  • 2,853 SqFt

216 South Green Street 1s, Chicago

$1,249,500
111 South Peoria Street 809, Chicago
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  • 2 Beds
  • 2 Baths
  • 1,543 SqFt

111 South Peoria Street 809, Chicago

$1,225,000 ↓ $25,000
440 North Halsted Street 3a, Chicago
  • Residential
  • 3 Beds
  • 4 Baths
  • 2,400 SqFt

440 North Halsted Street 3a, Chicago

$1,150,000
1400 West Monroe Street 3b, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 1,846 SqFt

1400 West Monroe Street 3b, Chicago

$1,150,000
31 North Aberdeen Street 2s, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,082 SqFt

31 North Aberdeen Street 2s, Chicago

$1,150,000 ↓ $15,000
1150 West Hubbard Street 1w, Chicago
  • Residential
  • 4 Beds
  • 3 Baths
  • 3,579 SqFt

1150 West Hubbard Street 1w, Chicago

$1,150,000 ↓ $49,000
14 North Bishop Street 204, Chicago
  • Residential
  • 4 Beds
  • 4 Baths
  • 2,300 SqFt

14 North Bishop Street 204, Chicago

$1,140,000
14 North Bishop Street 402, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,120 SqFt

14 North Bishop Street 402, Chicago

$1,135,000
1400 West Monroe Street 7d, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 1,843 SqFt

1400 West Monroe Street 7d, Chicago

$1,130,000
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900 West Washington Boulevard 401, Chicago
  • Residential
  • 2 Beds
  • 3 Baths
  • 1,605 SqFt

900 West Washington Boulevard 401, Chicago

$1,125,000
1400 West Monroe Street 5e, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 1,821 SqFt

1400 West Monroe Street 5e, Chicago

$1,100,000
27 North Aberdeen Street 4n, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,082 SqFt

27 North Aberdeen Street 4n, Chicago

$1,035,000
216 South Green Street 3s, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,100 SqFt

216 South Green Street 3s, Chicago

$1,025,000
1400 West Monroe Street 3f, Chicago
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  • 1,669 SqFt

1400 West Monroe Street 3f, Chicago

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456 North May Street 1, Chicago
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  • 4 Beds
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456 North May Street 1, Chicago

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14 North Bishop Street 407, Chicago
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14 North Bishop Street 407, Chicago

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14 North Bishop Street 405, Chicago
  • Residential
  • 3 Beds
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14 North Bishop Street 405, Chicago

$955,000
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900 West Washington Boulevard 302, Chicago
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900 West Washington Boulevard 302, Chicago

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313 South Racine Avenue 2a, Chicago
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  • 3 Beds
  • 3 Baths
  • 2,160 SqFt

313 South Racine Avenue 2a, Chicago

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323 South Racine Avenue 6a, Chicago
  • Residential
  • 3 Beds
  • 3 Baths
  • 2,160 SqFt

323 South Racine Avenue 6a, Chicago

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323 South Racine Avenue 5b, Chicago
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  • 3 Beds
  • 3 Baths
  • 2,160 SqFt

323 South Racine Avenue 5b, Chicago

$892,900
323 South Racine Avenue 6b, Chicago
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  • 3 Beds
  • 3 Baths
  • 2,160 SqFt

323 South Racine Avenue 6b, Chicago

$890,900
323 South Racine Avenue 6c, Chicago
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  • 3 Beds
  • 3 Baths
  • 2,160 SqFt

323 South Racine Avenue 6c, Chicago

$887,900

By:  Terri McAuley

Chicago Condos for Sale

Cell: 312-330-3211
Website:
www.WeKnowChicagoRealEstate.com

“Chicago’s Luxury Condo Specialist”

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Listing information last updated on October 30th, 2020 at 7:45pm CDT.

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