Today we gathered for our annual State of the South Loop meeting at Daystar’s Venue, 1550 S. State street.
Note: Additional information will be added to this blog post as it is compiled. We wanted to get all of the presentations posted to share them with you as soon as possible. Please check back for more information.
A few supporting notes from Steven:
Slide 3. The South Loop had a banner year in 2007, as calculated by average new construction cost. The big things in 2007 were the multiple permits issued for Roosevelt Collection, totaling almost $300 million. And according to our new housing units counter that adds up the number of new construction units in multi-unit buildings, there were 2,430 units permitted in 2007. Only 180 were permitted in 2008. So far this year there have been 400 units permitted.
Slide 4. This chart compares the South Loop to the West Loop, showing the aggregated estimated costs of permitted projects each year. The West Loop has been booming lately, with several new multi-unit buildings, but apparently not to the extent seen in the South Loop except for one of the 9 years shown, 2013.
Slide 5. In 2007, the year Roosevelt Collection was permitted, new construction projects in the South Loop – a place that represents 1.7% of the city’s area and around 2% of its population – comprised 21% of total, estimated construction costs.
Slide 6. The South Loop has basically tracked with the West Loop in demolitions, as the differences between them are very small, ranging between 0 and 12 demolished buildings per year.
Slide 8. The Greater South Loop area saw very few teardowns, where one building – often an existing home – is torn down to make way for a new home, often bigger and more expensive than extant. Teardown activity in Chicago is most common in North Center, West Town, Lincoln Square, Logan Square, and Lincoln Park.
Slide 9. The South Loop has had a handful of low construction periods relative to the city as a whole, but current plans for construction (remember those 400 units permitted this year), in addition the DePaul arena, Marriott hotel, and the CTA station, indicate that the South Loop isn’t done growing. The South Loop has a greater potential than most neighborhoods to keep growing because it still has vacant property and zoning allows more density while much of the rest of the city can’t build anything more than a three-flat.
Comments or questions are welcome.