With projects such as Building A New Chicago making huge improvements to the city, Chicago is continuing to become a more enticing place for retail and office spaces.
Recently, almost a block’s worth of buildings were purchased in the Clybourn corridor. These buildings can potentially be used for both office and retail space.
The large purchase could be due to the lessened restrictions on Chicago’s planned manufacturing districts’ zoning, as multiple large purchases have been made in this area recently. Concerns that caused the zoning restrictions were due to fear of overdevelopment.
Now, the changes to the restrictions will allow further expansion to retail and residential projects, as development for these projects were becoming scarce. Areas like the Clybourn corridor and surrounding neighborhoods will see developments of tech, retail, and high-priced residential establishments.
Prior to these new purchases, the Clybourn corridor has seen other major developments over the years:
In 1996, the Riverworks building converted into the Sara Lee Headquarters
One of the highest performing Home Depot locations followed shortly after Sara Lee’s HQ
The Lincoln Park Centre was developed, which houses popular retailer, Eddie Bauer
Blackhawk on Halsted was developed, and gained the major financial firm, LaSalle Investment Management, as a tenant, as well as the British School of Music, REI’s Lincoln Park store, and a variety of medical practices
Loft offices spaces coming to N. Southport
The Finkl site project (Use for this space is pending)
The particular rise in office development is due to the belief that demand will increase for office space in quickly developing areas, like the Clybourn corridor, which will bring in job recruiters.
Fees for non-industrial projects will apply. Fees will contribute to infrastructure projects including public transportation and bridges.
Chicago is well known for its great architecture, and adding modern commercial real estate to the mix is high in demand. Whether you’re looking to build office, retail, or other spaces, Shetland Properties can guide you to the right commercial real estate solution today.