Downtown Chicago Real Estate Expanding

July 22, 2012

Stock photoStarting later this year it looks like downtown Chicago real estate will begin the process of getting a skyline makeover, reports The New York Times. For the first time since the 2008 financial crash, new buildings are finally being proposed, and at least two are set to break ground this year.

Developers have moved forward on these projects after encouragement from reports stating there has been an increase in the number of jobs created. The new buildings are projected to be located in the Loop central business district as more businesses make their move to downtown.

The two buildings that are set to be started this year include River Point and Wolf Point. Both will be located in the northwest quadrant of the Loop at the convergence of the north, south and east branches of the Chicago River.

River Point, which is being described as the first speculative office building to go up downtown in more than 20 years, is the furthest along. It just recently closed on approximately $400 million in financing, and although the final details remain unclear, it is said that the building could range from 45-50 stories with around 900,000 to 1.1 million square feet. The project also includes plans for a 1.5 acre public park along the river.

With about 10,000 new jobs created in 2011, Wolf Point is planned to be a billion-dollar, three-tower office and residential complex. The residential building will begin this year, and will contain about 500 Chicago new homes geared towards young professionals. When the office towers begin construction in the next few years it will ultimately provide three million square feet of commercial and residential space.

A handful of major companies have already expressed interest in relocating to the downtown area as well, which should help in the leasing process. Some of these companies include Google, Groupon, Motorola and Microsoft. They are in the market searching for large spaces, which is exactly what these new buildings will provide.

While these projects are expansive and will come to be throughout the coming years, this is an expansion that should truly help revamp the Chicago business world.

For more information on real estate projects happening throughout Chicago, be sure to check out our site.

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