Much is expected of Chicago’s Bloomingdale Trail, the city’s grand project to transform 2.7-miles of elevated rail line into a network of trails and parks. It’s been especially true of real estate surrounding the project.
Predictions were real estate values would rise as a result of the Bloomingdale Trail and that’s exactly what’s happening. The trail is part of the larger 606 Project, which will add 800 parks, recreation areas and green spaces throughout Chicago.
Scheduled to open next summer, the trail cuts its swath through Humboldt Park, Logan Square Wicker Park and Bucktown in Chicago. It is patterned after the successful Highline in New York City. Realtors and developers are looking for similar success in Chicago.
DNAinfo Chicago has following this beat closely and its reporting shows realtors and developers are lining up to buy properties in neighborhoods affected by the 606 Project. Many interested parties are looking to replace older buildings with condos, townhomes, retail shops, restaurants and all the like.
To give you an idea on how values have risen in these neighborhoods of Chicago, here’s a tidbit from DNAinfo Chicago: Two large buildings on the 1800 block of N. Milwaukee Ave. have each received offers of at least $1.6 million. In December 2012, just 20 months earlier, a similar building just a stone’s throw away fetched $300,000.
There are also families increasingly turning their home search to these neighborhoods because of the trail, DNAinfo Chicago reports. This increased demand has led to prices of available homes to go up. DNAinfo Chicago noted earlier this year one developer increased the listing of six new townhomes at Wabansia and Central Park avenues from $344,000 to $399,000 because of the trail.
The 606 Project is having a large impact on Chicago real estate, but really things are only beginning. Once it opens there could be a whole new wave of interest for people wanting to own a special home near this large urban greenspace.