Posted by Ted Guarnero Broker on Friday, January 6th, 2012 at 11:47am.
Chicago’s housing market may still be muddled, but that hasn’t stopped new and exciting development plans from surfacing that will impact the Chicago West Loop real estate market. In case you missed it, the Chicago Architecture Blog recently highlighted expansion plans that would accommodate approximately 40% more trains Metra plans to run over the next 30 years. According to the Chicago Architecture Blog post, Chicago’s Union Station handles roughly 120,000 passengers a day, which ranges from long distance Amtrak and Metra patrons to local and regional commuters. Because Union Station is the only historic train station still operating in Chicago, it’s important for the city to maintain its longevity, while still being able to balance the increased train usage we see today and in future years to come. Amazing as it may seem, Union Station is still Chicago’s ONLY intercity rail terminal, as well as the main terminal used for commuter trains coming and going from the Chicago suburbs. While the long-term plan includes new CTA subway lines under Canal and Clinton Streets and two jaw-dropping skyscrapers on South Canal Street, the shorter term goals are to improve the street traffic flow to the already existing structure that will allow for construction to begin on some of the other major components to the plan. If you haven’t already read the post in full, I definitely urge you to check it out, as it details nearly every aspect of the plan in full.
In addition, the Chicago Architecture Blog also recently covered the revised plans to 410 East Grand Street in a separate post, which seems to have many Streeterville residents pleasantly optimistic. Changes to this proposed idea include a residential tower that is taller and thinner than the old proposal and the 10-story building that was slated for 87 homes for low-income qualifiers has been done away with and replaced with a smaller, unobtrusive office structure. If approved and construction moves forward, the new residential tower will have 45 stories and a sleek, blue-glass façade, which should blend in nicely with the Streeterville landscape. To read this post in full-detail, check it out here.