Quote:
Originally Posted by the urban politician
^ While I agree with you, there is no stopping gentrification in Pilsen, it's just happening the old fashioned way--by smaller time people upgrading properties like this one:
It's going on and continuing to go on, and it's working. The demand for apartments is there, even if demand is getting saturated downtown. You're still getting a damn good bargain down there. I'm renovating a 3 flat near the Damen stop of the Pink line, which is generally still considered to be beyond the envelope of gentrification, and back in August my agent said she had some people badly looking for a 3 bedroom in the area and were willing to pay $1650.
Unfortunately my units were still a ways from ready at that time, but I was stunned as I did not think these units would fetch more than $1500.
Anecdotal, but it's real.
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Sure, the gentrification of Pilsen has been going on for awhile but it's a lot slower than other parts of town. Point is, you will get some office workers in the West Loop who will live there. I think that part is obvious (there are people living there working in the Loop - a few of my former coworkers who could have their pick to live anywhere in the city lived in Pilsen), but it's not going to be a mass amount because while there could be demand, the supply is not there for THAT many *nor* is the community allowing it at that fast of a pace. As a result, other areas of town will get those residents as long as Pilsen does its best job to not allow market rate developments off 50, 100, or more units. Also, even when it's more convenient and even if it did have more units for more large scale "migration" to it, you would still see the people who can choose where to live living elsewhere. There are people who will put up with an extra 20 minute commute if they can live wherever and like one neighborhood a lot more than another.
In other news:
1) There's a zoning item on the agenda for Friday's zoning meeting for a 4 story, 33 unit building with ground floor retail/office and 25 parking spaces for the vacant/parking lot Ashland and Cortez just south of the Division Blue Line stop. Up until last year it was the Ace Hardware:
https://www.google.com/maps/@41.9003448,...of1XnhaTc4Bp6Wf-X-5rg!2e0!7i13312!8i6656
2) New bus terminal for 95th street & Dan Ryan stop got its permit yesterday to start. Here's the text:
"NEW CTA BUS TERMINAL AT 95TH AND THE DAN RYAN EXPRESSWAY - SOUTH TERMINAL FOUNDATIONS -Work associated with this permit package consists of construction of deep foundation elements required to support subsequent construction of the new CTA 95th Street Terminal Improvement Project. Work includes construction of pier foundations for the new South Bus Bridge, new South Terminal, and new south extension of the existing 95th Street Bridge. Foundation elements include construction of new rock socketed and belled to hard pan drilled shaft foundations, cast-in-place concrete caisson caps and associated grade beams."