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:

900 West Washington Boulevard #ph-901, CHICAGO
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  • 5 Beds
  • 5.5 Baths
  • 4,949 SqFt

900 West Washington Boulevard #ph-901, CHICAGO

$5,500,000
900 West Washington Boulevard #202, CHICAGO
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  • 4 Beds
  • 4.5 Baths
  • 3,310 SqFt

900 West Washington Boulevard #202, CHICAGO

$3,525,000
900 West Washington Boulevard #601, CHICAGO
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  • 4 Beds
  • 4.5 Baths
  • 3,265 SqFt

900 West Washington Boulevard #601, CHICAGO

$2,875,000
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1000 West Monroe Street #702, CHICAGO
  • Residential
  • 3 Beds
  • 3.5 Baths
  • 3,800 SqFt

1000 West Monroe Street #702, CHICAGO

$2,600,000
1000 West Monroe Street #702, CHICAGO
  • Residential
  • 3 Beds
  • 3.5 Baths
  • 3,800 SqFt

1000 West Monroe Street #702, CHICAGO

$2,596,480
111 South Peoria Street #ph04, CHICAGO
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  • 2 Beds
  • 3 Baths
  • 3,157 SqFt

111 South Peoria Street #ph04, CHICAGO

$2,145,000 ↓ $250,000
220 South Green Street #4n, CHICAGO
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  • 4 Beds
  • 3.5 Baths
  • 3,427 SqFt

220 South Green Street #4n, CHICAGO

$1,999,900
226 South Green Street #4n, CHICAGO
  • Residential
  • 4 Beds
  • 4 Baths
  • 3,427 SqFt

226 South Green Street #4n, CHICAGO

$1,999,000
111 South Peoria Street #803, CHICAGO
  • Residential
  • 4 Beds
  • 3.5 Baths
  • 2,578 SqFt

111 South Peoria Street #803, CHICAGO

$1,495,000
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462 North May Street #3, CHICAGO
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  • 3 Beds
  • 3.5 Baths
  • 3,300 SqFt

462 North May Street #3, CHICAGO

$1,474,900
462 North May Street #3, CHICAGO
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  • 3 Beds
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  • 3,350 SqFt

462 North May Street #3, CHICAGO

$1,474,900
440 North Halsted Street #4a, CHICAGO
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  • 3 Beds
  • 3.5 Baths
  • 2,400 SqFt

440 North Halsted Street #4a, CHICAGO

$1,395,000 ↓ $80,000
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1400 West Monroe Street #6g, CHICAGO
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  • 3 Beds
  • 3 Baths
  • 1,959 SqFt

1400 West Monroe Street #6g, CHICAGO

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1400 West Monroe Street #5g, CHICAGO
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1400 West Monroe Street #5g, CHICAGO

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226 South Green Street #1s, CHICAGO
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226 South Green Street #1s, CHICAGO

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900 West Washington Boulevard #301, CHICAGO
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900 West Washington Boulevard #301, CHICAGO

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836 West Hubbard Street #ph502, CHICAGO
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836 West Hubbard Street #ph502, CHICAGO

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14 North Bishop Street #504, CHICAGO
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14 North Bishop Street #504, CHICAGO

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14 North Bishop Street #508, CHICAGO
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14 North Bishop Street #508, CHICAGO

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14 North Bishop Street #401, CHICAGO
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  • 4 Beds
  • 3.5 Baths
  • 2,306 SqFt

14 North Bishop Street #401, CHICAGO

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900 West Washington Boulevard #502, CHICAGO
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  • 2 Beds
  • 2.5 Baths
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900 West Washington Boulevard #502, CHICAGO

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1400 West Monroe Street #2f, CHICAGO
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  • 2.5 Baths
  • 1,805 SqFt

1400 West Monroe Street #2f, CHICAGO

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14 North Bishop Street #301, CHICAGO
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14 North Bishop Street #301, CHICAGO

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1437 West Grand Avenue #phn, CHICAGO
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  • 4 Beds
  • 2.5 Baths
  • 3,000 SqFt

1437 West Grand Avenue #phn, CHICAGO

$1,140,000
900 West Washington Boulevard #302, CHICAGO
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  • 2 Beds
  • 2.5 Baths
  • 1,573 SqFt

900 West Washington Boulevard #302, CHICAGO

$1,095,000
1214 West Hubbard Street #1, CHICAGO
  • Residential
  • 4 Beds
  • 2.5 Baths
  • 2,700 SqFt

1214 West Hubbard Street #1, CHICAGO

$1,090,000
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1214 West Hubbard Street #1, CHICAGO
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  • 4 Beds
  • 2.5 Baths
  • 2,700 SqFt

1214 West Hubbard Street #1, CHICAGO

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14 North Bishop Street #403, CHICAGO
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  • 3 Beds
  • 3 Baths
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14 North Bishop Street #403, CHICAGO

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1400 West Monroe Street #5d, CHICAGO
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  • 2.5 Baths
  • 1,843 SqFt

1400 West Monroe Street #5d, CHICAGO

$999,000
226 South Green Street #2s, CHICAGO
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  • 3 Beds
  • 2.5 Baths
  • 2,050 SqFt

226 South Green Street #2s, CHICAGO

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226 South Green Street #3n, CHICAGO
  • Residential
  • 3 Beds
  • 2.5 Baths
  • 2,050 SqFt

226 South Green Street #3n, CHICAGO

$989,000
226 South Green Street #3s, CHICAGO
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  • 3 Beds
  • 2.5 Baths
  • 2,050 SqFt

226 South Green Street #3s, CHICAGO

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14 North Bishop Street #207, CHICAGO
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  • 3 Beds
  • 2 Baths
  • 1,871 SqFt

14 North Bishop Street #207, CHICAGO

$985,000
1437 West Grand Avenue #2, CHICAGO
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  • 2.5 Baths
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1437 West Grand Avenue #2, CHICAGO

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226 South Green Street #2n, CHICAGO
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  • 3 Beds
  • 2.5 Baths
  • 2,050 SqFt

226 South Green Street #2n, CHICAGO

$979,000
1400 West Monroe Street #3d, CHICAGO
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  • 3 Beds
  • 2.5 Baths
  • 1,821 SqFt

1400 West Monroe Street #3d, CHICAGO

$950,000
14 North Bishop Street #205, CHICAGO
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  • 3 Baths
  • 1,993 SqFt

14 North Bishop Street #205, CHICAGO

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14 North Bishop Street #307, CHICAGO
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14 North Bishop Street #307, CHICAGO

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111 South Peoria Street #310, CHICAGO
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  • 2 Baths
  • 1,613 SqFt

111 South Peoria Street #310, CHICAGO

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1437 West Grand Avenue #1n, CHICAGO
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  • 2.5 Baths
  • 3,000 SqFt

1437 West Grand Avenue #1n, CHICAGO

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14 North Bishop Street #506, CHICAGO
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  • 3 Beds
  • 2 Baths
  • 1,500 SqFt

14 North Bishop Street #506, CHICAGO

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236 South Racine Avenue #201, CHICAGO
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  • 2.5 Baths
  • 1,774 SqFt

236 South Racine Avenue #201, CHICAGO

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456 North Carpenter Street #3, CHICAGO
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  • 3 Beds
  • 2 Baths
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456 North Carpenter Street #3, CHICAGO

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14 North Bishop Street #206, CHICAGO
  • Residential
  • 3 Beds
  • 2 Baths
  • 1,500 SqFt

14 North Bishop Street #206, CHICAGO

$810,000
836 West Hubbard Street #202, CHICAGO
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  • 3 Beds
  • 2.5 Baths
  • 2,028 SqFt

836 West Hubbard Street #202, CHICAGO

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1459 West Grand Avenue #1, CHICAGO
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  • 4 Beds
  • 3.5 Baths
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1459 West Grand Avenue #1, CHICAGO

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14 North Bishop Street #406, CHICAGO
  • Residential
  • 3 Beds
  • 2 Baths
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14 North Bishop Street #406, CHICAGO

$725,000
14 North Bishop Street #306, CHICAGO
  • Residential
  • 3 Beds
  • 2 Baths
  • 1,500 SqFt

14 North Bishop Street #306, CHICAGO

$700,000

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 September 16th, 2019 at 5:35am CDT.

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