Quote:
Originally Posted by the urban politician
^ I've read all of those, and that is by far the most optimistic take on the situation.
I'm sorry, but I am thoroughly unconvinced. There is simply zero precedent to build 3000 units in 1 neighborhood in 3 years by 1 developer at this point in time.
I hope to be proven wrong by how things play out this summer. Trust me (as a Chicago landlord).
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I am 100% positive without a shadow of a doubt that JDL has done an extensive, proper market analysis/due diligence and can secure phased financing to get this development started. And they have the track record/experience to prove that they can get this done.
One critical thing to consider is that even if Covid had not happened, the real estate cycle that started in earnest around 2014-2015 was already at the hypersupply/recession inflection point in early 2020, so the market would have weakened regardless, the Covid pandemic just hastened that, considerably so. I think of it as a loaded spring, the more kinetic energy you lock up, the greater that energy release will be at the tail end of this nightmare. The pandemic contracted a possibly prolonged, 2-3 year recession into a 12-14 month period. I feel strongly that things will stabilize sooner than later.