With Cabrini-Green being all but demolished and its residents now displaced to newly rehabbed apartments on the opposite side of the city, some difficult questions have arisen regarding the property that the Chicago Housing Authority complex once occupied. In a time where the real estate market is still struggling and developers have resorted to selling remaining condos to mental health agencies responsible for aiding troubled clients (see Desperate Times Call for Desperate Measures blog), what is the best option for this prime real estate in Chicago's Near North Side of downtown Chicago? It’s rumored that the area will be completely re-developed into a combination of high-rise residential buildings, new construction row-homes, adequate retail space, and even some units being reserved for more public housing. The centralized idea is to create a rehabbed, mixed-income community that allows for diversity and a stronger demand for each property-type. Despite eyebrows being raised at such plans, wouldn’t something to this degree actually make the most sense? We’ve already seen many new construction condo projects such as 659 W. Randolph struggle to sell available inventory, so restricting this development to one product type may create more of the same problems. For example, rather than having a majority of row homes or high-end condominiums, creating a variety may entice more buyers to act fast and generate more interest given the limited number of units in each sub-section. Whatever the case may be, it should certainly be an interesting and exciting time for residents living or renting around the intersection at Chicago Ave and Halsted Street over the next few years. Have a good idea of what you’d like to see developed on the old Cabrini-Green site? Give us some feedback and let us know what you want to see built! Also contact Ted Guarnero with Baird & Warner for information on all Downtown Chicago real estate at (312) 810-6693
Ted Guarnero, REALTOR® is a full-time real estate agent with over 1000 homes sold and $400 million in sales. Working with Compass real estate offering professional and effective real estate services to help you succeed in the local real estate market. Visit www.seeChicagorealestate.com for information on downtown Chicago real estate and to get in touch with an expert in the Chicago real estate market. Before you hire your next Realtor call Ted Guarnero 855-See-Chicago, it's on the House !