How politicians are trying to stop developers along The 606

Research from DePaul shows home prices in the area increased 344% over the last seven years

Chicago /
Jan.January 15, 2020 11:49 AM
Alderman Roberto Maldonado (26th) and Alderman Carlos Ramirez-Rosa (35th)

Alderman Roberto Maldonado (26th) and Alderman Carlos Ramirez-Rosa (35th)

UPDATE: Wednesday, January 15 at 5:46 p.m.:  It might be too late for a pair of aldermen to stop gentrification along The 606.

Despite efforts from northwest aldermen Roberto Maldonado (26th) and Alderman Carlos Ramirez-Rosa (35th) to slow the pace of gentrification in the area, a new DePaul study released Wednesday says that real estate prices have increased 344 percent along the western part of the trail in the last seven years.

The aldermen recently pushed to freeze development along the trail with a 14-month moratorium but the move was scuttled by Mayor Lori Lightfoot, who was worried about the legality of the ordinance. The City Council on Wednesday voted to ban demolitions for six months.

It’s no secret that the backers of the trail project didn’t do everything they could to prevent gentrification. But the numbers from the DePaul study are stark.

When construction of The 606 began in 2012, the median sale price of buildings with under four units on the most western side was $97,000. In 2018, that number rose to over $430,000 along the westernmost part of the trail.

In the middle section of the trail, prices rose from $407,000 to $605,500, and even higher on the eastern side, with a jump to $970,000 from $661,250.

Geoff Smith, the institute’s executive director, said there was a chance of preserving lower-cost housing along the western parts of the trail, but not the middle and eastern parts.

Research that was not included in DePaul’s report found that nearly 150 multifamily residential buildings were lost to redevelopment along The 606 between 2013 and 2018. Most were replaced by single-family homes. [Tribune]Jacqueline Flynn

Editor’s note: This story was updated to reflect that the City Council voted to approve a bill that would ban demolitions along The 606 for six months. 


Related Articles

arrow_forward_ios
Lori Lightfoot, Alderman Roberto Maldonado (26th) and Alderman Carlos Ramirez-Rosa (35th) with The 606 trail (Credit: Wikipedia and Getty Images)
Not so fast: Lightfoot pushes back on move to halt development by 606
Not so fast: Lightfoot pushes back on move to halt development by 606
Onni’s Halsted Point mixed-use project would rise over 8 acres on Goose Island, and include five towers. (H2Studio)
Onni Group details 2.6K-unit megaproject to reshape Goose Island
Onni Group details 2.6K-unit megaproject to reshape Goose Island
3501 Brandon Road in Joliet with CenterPoint Properties CEO Bob Chapman and Walmart CEO Doug McMillon (CREXI)
Walmart leases 1M-sf warehouse
Walmart leases 1M-sf warehouse
2159 W. Pershing Road with Hispanic Housing Development Corp.'s Hipolito Roldan and Fifth Avenue Capital Partners' Thomas Brantley (Google Maps)
120-unit affordable housing project gets Covid relief boost
120-unit affordable housing project gets Covid relief boost
Blackstone Hotel with Fundamental Advisors CEO Laurence Gottlieb and Sage Hospitality Group CEO Walter Isenberg (Google Maps)
Blackstone Hotel hits market as it sets to reopen
Blackstone Hotel hits market as it sets to reopen
Northbrook Court mall (Brookfield, iStock)
Lender eyes sale of Brookfield’s Northbrook Court mall
Lender eyes sale of Brookfield’s Northbrook Court mall
Missner Group CEO Barry Missner and 1220 West Van Buren Street, a warehouse it had planned to convert into loft-style offices. (Google Maps)
Missner lists West Loop warehouse after scuttling office conversion plan
Missner lists West Loop warehouse after scuttling office conversion plan
Knickpoint co-founders Zain Koita and Matthew Sprayregen with 4000 West Diversey Avenue (Google Maps, iStock, Knickpoint)
Knickpoint casts for partner in $200M production studio project
Knickpoint casts for partner in $200M production studio project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...