Transit-Oriented Developments Are Taking Over Chicago
by Nick Nastos
on Thursday, December 24th, 2015 at 10:06am.
A Closer Look at Transit-Oriented Developments in Chicago
If you’ve paid any attention at all to Chicago’s latest development boom, chances are you’ve read about the hot new trend that’s bringing more and more transit oriented development to the city’s already vast real estate landscape. Understanding that today’s modern urban dwellers are constantly looking for ways to live more efficiently, developers are now seeking out ways to build new mixed-use residential and commercial projects that are designed to maximize access to public transit systems in Chicago, ultimately encouraging residents to opt for public transportation over driving and owning their own car.
While it’s true Chicago has gotten a lot of slack for its outdated transit systems over the years, riding the “L” or taking the bus can still be a much cheaper alternative to owning a car, and when you don’t have to worry about parking on top of it, it’s easy to quickly realize the advantages public transportation can offer, especially when you live in one of Chicago’s chic new TODs.
What's The Status of Chicago's Newest TODs?
500 N. Milwaukee | Kenect Chicago
Currently under construction and making rapid progress, Kenect Chicago should see first occupancy for sometime during the summer of 2016. Perhaps offering the best location of any TOD for anybody wanting close and easy access to downtown, Kenect Chicago should totally help re-define this incredible part of River West.
1237 N. Milwaukee | Wicker Park
With demolition pretty much wrapped up at this point, construction for this sleek new development is now underway. As one of Wicker Park's most anticipated developments, there's no doubt this attractive new rental project will go a long way in re-defining the busy Ashland & Milwaukee intersection, not to mention help boost the neighborhood's extremely low inventory at the moment.
3400 N, Lincoln | Lakeview
At last check, the frame for this 5-story TOD looks nearly completed and by all accounts, the long wait for something to take the place of the vacant lot at the northwest corner of Roscoe and Lincoln should be coming to a close later this summer. An exact open date has yet to be announced, but look for first occupancy to be sometime in the summer of 2016.
1210 N. Clark | Gold Coast
The Jewel-Osco store that once occupied 1210 N. Clark closed back on June 4th of 2015 and just about two weeks ago, ground was officially broken on the new 35-story glass tower that will eventually house 390 rental units and a brand new 55,000 square foot Jewel to replace the old location. With construction essentially just beginning, don't expect much from this new TOD until 2017.