A Proposed West Loop Park Over The Expressway?
Chicago’s hottest restaurant scene? Check. All the best loft buildings? Check. Google? Check. If you think the West Loop has reached its peak and there’s nothing left that could make this part of downtown Chicago even more desirable and trendy, you obviously haven’t heard the latest development plan which involves building a 3-block suspended park over the busy, heavily traveled Kennedy expressway.
The unique park space being discussed could be a joint effort between two local development firms, SMDP Studio and Fifield Companies, which is proposed to be an 8-12 acre space between Washington Boulevard and Adams Street in Chicago’s West Loop neighborhood.
The idea behind the park is to attract even more development to the area, specifically on both sides of the highway where plenty of vacant space currently exists. As mentioned in a recent article from Gazette, property values are going to be higher when overlooking a lush green park space rather than an overcrowded and noisy expressway. In addition, the developers have already devised plans that would aid in maintaining traffic flow during construction, which is a major factor in whether or not the project will move forward.
According to the Gazette, the estimated cost for the new West Loop park is roughly $45-$60 million, which will be generated from tax increment financing, the city’s Infrastructure Trust, as well as the possibility for Federal funding. All revenue streams for the project however, are still being discussed at this point and nothing has yet been approved.
To stay current with West Loop news and the upward trending West Loop real estate market, visit the SeeChicagoRealEstate.com Blog daily, and as always, for more information on current West Loop real estate, contact Ted Guarnero today at (312) 566-8141!