Quote:
Originally Posted by the urban politician
^. Awesome!
|
Yeah this is really great. It's one of the last "missing teeth" on that stretch of 53rd between the IC tracks and Vue53.
It may be for the best that the U of C is sponsoring all this redevelopment and closing the gap financially on these projects. Often when redevelopment is led by the private sector, the neighborhood has to go through years of gentrification before prices rise enough to allow for significant new construction like this. Wicker Park is seeing significant new midrise construction right now of the TOD variety, plus a new hotel in the Coyote building, but it's definitely pretty gentrified there.
However, 53rd is seeing midrise infill construction like Wicker Park right now, even though the land values aren't nearly at the same level. E.g. a Wicker Park condo off Milwaukee will sell for 50% more per SF than a Hyde Park condo off 53rd. Yes, this new project isn't residential, and neither was Harper Court, but as a statement about land values in the neighborhood I think it holds true.