Here are Chicago’s most notable development projects of 2022
More than 20 major projects in the pipeline
Between a new casino and a push for affordable housing, there’s plenty of interest in developing Chicago.
More than 20 projects were added to the Windy City’s development pipeline in the first half of 2022, according to reporting by The Real Deal and other news outlets. Most are residential, a mix of high-end apartment and condominium projects in denser areas and community-focused affordable housing developments. Potential deals total about 16,000 units in the downtown market, said Integra Realty Resources Managing Director Gail Lissner.
“Our downtown area has really taken off,” she told The Real Deal. “Neighborhoods like the West Loop didn’t exist in terms of residential before the 1990s,”
There’s also big demand for affordable housing, but the problem is figuring out how to pay for it. Some of those projects in the pipeline are part of the city’s $1 billion affordable housing package.
Here’s a look at some of the most notable projects.
By far the largest development project in terms of both attention and dollars is Bally’s successful $1.74 billion bid to build the city’s first casino. The 30-acre site will also include a hotel, a 3,000-seat theater, an outdoor music venue and other amenities.
Lissner said the casino will have a big impact on a neighborhood that was “a little bit more of a sleeper” in terms of residential development and likely spur other commercial development. The plan has so far inspired proposals for high-density high-rise development nearby, which River West hasn’t had before.
Shapack Partners, which made its name spearheading the creation of Chicago’s Fulton Market, is now poised to be a major player around the casino. The developer paid $25 million for the Salvation Army’s downtown River West campus and its plans include a 141-key hotel, retail and restaurants on 3.25 acres, Chicago YIMBY reported. The master plan is divided into four parcels across five city blocks. Two designs include four towers and the other has five.
Two other Shapack projects proposed this year include a $209 million mixed-use high-rise project at 170 North Green Street in partnership with CRG and adding two floors to its residential project at 1353 West Fulton Street.
Also staking its claim to land near the casino is Vancouver, Canada-based Onni Group, which paid $45 million for a seven-acre property near the site. While Onni hasn’t revealed its plans, people familiar with the project said it’s likely to be residential. The site could accommodate as many as 1,000 apartments on 1.5 million square feet.
Aiming to curb gentrification in the West Side neighborhood, Humboldt Park Health has proposed building about 300 affordable housing units. The health system broke ground on its new wellness center in June and owns about 60 percent of the land available around it.
The real estate team behind the Englewood Square retail development has proposed a mixed-income housing project nearby. Built in two phases, Thrive Englewood will have 108 residential units, 10 of which will be affordable housing.
Chicago’s Fern Hill is planning to develop a 34-story condo building in Gold Coast, the city’s epicenter of high end real estate, replacing an existing four story building on the site.
One of Chicago’s oldest real estate companies plans to build a nine-story, 129-unit apartment building on the Near North Side on a 14,388-square-foot site. Twenty-six of those apartments will be marked as affordable housing.
This joint venture is planning a 21-story apartment building for a corner lot in Streeterville, one block from the Magnificent Mile. The development will have 248 units and also include 41,000 square feet of office space and 8,000 feet of ground-floor retail.
A development planned for the heart of Lincoln Square would bring 51 affordable housing units to the neighborhood.
This pair of Chicago developers is planning a 362-unit high-rise apartment tower in the West Loop.
The Chicago real estate investment firm plans to turn a vacant lot in Ukrainian Village into a five-story retail and apartment development. The building would include 40 units and ground floor retail.
This $33 million project would bring a 60-unit affordable housing redevelopment with a ground-floor grocery store to West Humboldt Park.
The two local real estate development firms plan to create the Halim A. Flowers Center, which will include transitional housing for the formerly incarcerated, rental apartments and single-family homes. The $28 million project is expected to break ground this fall.
This $11 million project planned to convert a 92-year old church in Logan Square into 22 affordable apartments has received $2 million in federal funds and still needs about $7 million more, though it was approved by the Chicago City Council in December 2020.
One of Chicago’s oldest nonprofits is planning to step into the affordable housing market with a nine-story structure in the Illinois Medical District. The building, called Foglia Residences, will include 76 apartments reserved for residents making below the area median income, with an emphasis on housing blind and visually impaired residents.
A proposed $38 million mixed-income complex in Bronzeville would include 71 units across a complex of eight buildings.
The city purchased the largest vacant lot in rapidly gentrifying Pilsen as part of Mayor Lori Lightfoot’s initiatives to revitalize the city’s South and West sides. The plan is to turn the six-acre former industrial site into 280 units of affordable housing, green space and retail spots.
In another effort to stave off gentrification in Humboldt Park, this development will offer 64 units of affordable housing and 2,500 square feet of commercial space on a long-vacant lot.
The 30-acre development is set to include a new hospital, vocational school, day care, market, affordable housing, restaurants, retail, sports fields, a theater and more.
Dubbed 43 Green, this $100 million project will include 99 residential units – 50 of which will be marketed as affordable housing – and more than 5,000 feet of retail space.
Far South Community Development Corporation and the Preservation for Affordable Housing, 11444 South Halsted Street
Two local nonprofits plan to develop the long-vacant Halsted Indoor Mall into a mixed-use complex that will include 250 rental units, 140 single-family homes and up to 20,000 square feet of ground retail space.