Chicago – A Successful Urban Redevelopment Story
Chicago, Illinois – October, 2006 — Not a day goes by without a news story about urban America’s rebirth. Suburban planning issues including sprawl, congestion, rising taxes, infrastructure costs and changing households favor urban redevelopment. Urban amenities such as pedestrian-friendly infrastructures, public transportation, cultural/recreational amenities and close proximity to employment become important.
Successful urban redevelopment demands an accommodating infrastructure that can support optimum population density with amenities such as open space, transportation and employment opportunities. While many communities witness urban redevelopment, consistent patterns of performance are varied and sporadic. Numerous reasons apply including limited geography, unclear urban planning initiatives, inconsistent job growth, etc. Yet certain markets thrive.
The City of Chicago is such an urban area. The City has numerous neighborhoods undergoing consistent redevelopment at a measurable pace due to the velocity of the market and the inventory of redevelopable land. Chicago serves as a laboratory for successful urban redevelopment for a variety of reasons.
Ranked as America’s third-largest city with a population of approximately three million, Chicago’s backbone is an infrastructure mostly built during the late 19th and early 20th Century. This infrastructure supports public transportation as a first priority, mainly railroad and bus lines. These buses and railroads crisscross the City, originating from the downtown “hub” in three directions heading north, south and west. The City is also laid-out in a logical grid system. For the most part, public transportation is available nearly every quarter-mile — very pedestrian-friendly.
Chicago’s public transportation system supports population densities ranging up to 60,000 people within a mile radius, at least three times more density than typical suburbs. Transportation costs are more economical based on density and infrastructure.
Most important of all, Chicago’s Loop is a well-established area featuring strong employment, educational, institutional, recreational and residential amenities boasting a daytime population in excess of one million people.
The Real Estate Capital Institute is an example of an organization seeking the urban dynamics offered by Chicago. Before selecting a location, the Real Estate Capital Institute studied various communities within the City and chose the Homan Square neighborhood in North Lawndale – an area in the midst of redevelopment located minutes west of downtown Chicago. The Institute’s research director, Nat Zvislo, says “Chicago is one of the great 24-hour cities that attract talent and technology – both necessary for a research organization to thrive.”