Home prices are soaring in Chicago and no better example of this is a 4,000 square-foot condominium in Park Tower that was recently listed for $12 million. Forbes reports if the asking price is met, which equates to $3,000 per square foot, it would set a new record for the city.
The condo in question is on the 60th floor in Park Tower on North Michigan Avenue. Among its array of amenities are private elevator access, 12-foot ceilings and a balcony. Forbes used the potential record-setting condo to illustrate the rising home values in Chicago which, as a result, has also led to a sharp increase in residential construction. This is particularly true in the South Loop. There are two residential towers currently under construction in the South Loop that Forbes notes “would potentially alter the skyline of a city accustomed to skyscrapers.”
The first of these projects is a 76-story tower being developed by Miami-based Crescent Heights. It will contain almost 800 units and up to 125,000 square-feet of retail space. Forbes calls it “one of the most ambitious developments in the district in decades.”
The second residential tower is planned just a few blocks to the south. Plans call for it to rise at least 86 stories and have more than 500 apartment units. If completed it would be the fifth-tallest building in Chicago, Forbes reports.
In all, there are 17 residential projects in the planning stages for the South Loop. They would total more than 8,8000 units.
This residential construction boom follows a lull of several years, beginning with the 2009 housing crash. With home values now back on the rise, developers have taken note.