The “Silver” Lining of Chicago Construction
November 5th, 2008 categories: Chicago Real Estate News
I remember driving through Chicago during the housing boom in the early 2000s. Construction cranes dotted the sky everywhere. Developers were putting up condo towers, single-family homes and townhouse developments faster than the newspapers could report on them.
That’s changed, of course. The pace of new residential construction has slowed significantly.
But there are still plenty of new housing developments in Chicago’s top neighborhoods. And buyers are excited about them.
One project getting closer and closer to completion is Silver Tower, a new high-rise under construction at 303 W. Ohio St. in Chicago’s River North neighborhood. The tower, when done, will rise 40 stories in the air. In early October, construction crews poured the building’s 32nd floor, so it won’t be too long before the project is complete.
Silver Tower features quite a few perks: A 24-hour doorman is here, and there’s a sky lobby with a fitness center that never closes. Silver Tower also features a landscaped patio and garden.
Sales are moving briskly at Silver Tower, too. About 75 percent of the project’s 225 condo units had been sold as of mid-October.
Silver Tower is just one example of the strength of Chicago’s top neighborhoods. Communities such as River North, the Gold Coast, Lincoln Park, Lakeview, Lincoln Square and Roscoe Village are still highly sought-after by buyers. People still want to live in these neighborhoods, and they recognize that housing here is still a top investment.
Because of this, we see projects like Silver Tower meeting with great success. This is a tough residential market, and pockets of the city are suffering when it comes to housing sales. But activity in the city’s top neighborhoods, the neighborhoods that have always been strong housing markets, remains solid. Yes, sales have slowed since the housing boom. But there’s still plenty of buying and selling going on in the heart of the city.
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