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Originally Posted by AlpacaObsessor
It would probably be helpful to spend some time going around the South Loop on streetmaps vs its competing markets to get an idea why. Locations in the Gold Coast and around the Mag Mile have historically carried the most weight in this town. That whole area is home to restaurants, luxury brands, and flagship retailers.
I'd also describe River North as another condo hotspot. It's home to a competitive stock of office space so you get a lot of people looking to live close to the office, proximity to the retail and amenities around the Mag Mile, and access to the central loop via the red and brown lines.
Check out Michigan Avenue further south past congress though and it gets a lot quieter. Although there's a lot of apartment construction it still feels like the area suffers from a lack of retail. Here's some more streetviews further west to give you an idea: Wabash, State, and State again.
Finally, as OrdoSeclorum mentioned, Chicago doesn't really lack areas to build highrises with views and park access. Any building along the lakefront can offer that so it's not a significant driving force. |
Pretty great rundown there... the South Loop is brimming with potential, but at the end of the day, it's still just potential right now. In 20 years it'll probably be a much more cohesive and active area(hell it's already much better than it was 20 years ago), but right now, telling people to buy million dollar condos there is going to be a much harder sell than other parts of the city