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Home arrow Business arrow Real estate arrow The Secret Potential of the Southside
The Secret Potential of the Southside
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Written by Anna Góral   
Sunday, 29 April 2007

I have recently met several families who, for various reasons, mostly financial, chose to move from the north side. As biased as this may sound, there is no denying that southern life is more affordable and peaceful and, most importantly, offers a much greater potential that makes the south side an investor's paradise.

This potential has not escaped the notice of the local authorities. Even as recently as the early 1990s, the future of the south looked rather grim. The bankruptcy of Midway Airlines, Midway Airport's main carrier at the time, put in jeopardy the airport's entire future operations and development, nearly depriving the local economy in that part of the city of its main driving force. The big risk of pumping millions of dollars into the facility eventually paid off, elevating Midway Airport to the 49th place in the ranking of the world's airports in terms of the ratio of passenger traffic volume to airport area. The airport's expansion has attracted a flood of investors ranging from boutique merchants to hotel and restaurant chains which eagerly set up shop in nearby locations. This set off a whole chain reaction. Chicago authorities decided to expand the transportation infrastructure in the area, in part by constructing the Orange Line connecting the south with the Loop and other areas. The new elevated train reduced commute time to the city center, especially in winter. As a result, the South Side began to appeal to residents and investors who were previously stuck with the more expensive north because of where they worked and the lack of reliable transit. This reflects Chicago's historical split into a blue-collar south and a white-collar north and center. As the South Side transformed, large industrial buildings, the last visible remnants of the past era, became highly coveted by investors from various sectors of the economy. Plants and factories, only recently neglected and desolate, were soon converted into loft apartments, commercial centers and offices. Within years, the improvements drew the young generation into the south side. Accustomed to a more relaxed lifestyle, younger residents prefer loft apartments to tight condominiums and ranch- and bungalow-style houses.
The urban and architectural transformation of the South Side is plain to see. Splendid new residential complexes, whose many town houses are priced at hundreds of thousands of dollars, come up in great numbers from China Town, already considered an extension of the downtown area, all the way to south-western suburbs. Within the last few years, the trend has spread to such south Chicago suburbs as Burbank or Justice, which have long been deemed uninviting by both investors and prospective residents. Today, two-story residential houses replacing old wooden structures are a common sight. Pre-fabricated homes, with a life-expectancy of under 30 years, are a thing of the past. The newly-built houses are impressive and comfortable brick structures designed with esthetic appeal, functionality and, above all, with durability in mind. Notably, with its large building lots, the South Side is particularly well-suited to projects modeled on the spacious homes of Chicago's north suburbs. Many of the existing sites in the south side are now also available for construction. The investors have tapped that potential by, for instance, opening the Toyota Park / Chicago Fire sport center on the border of Bridgeview, Bedford Park, and Chicago. Projects of that kind invariably boost the prestige of outlying areas, accelerating infrastructure development and private construction, especially in Bridgeview.
Yet, construction in the South Side is more than merely replacing old buildings with new. A great example lies a bit further, in the townships of Lemont and Homer Glen, areas dramatically altered by the construction of brand new housing settlements of large single-family luxury homes or town houses on previously uninhabited terrain. 
Such building development is particularly salient in the administratively new township of Homer Glen, a subdivision of Lockport until a few years ago. Nestled near coveted locations in Orland Park and Lemont, Homer Glen has now become eagerly sought by investors and private buyers alike.
The fast pace of north-western suburban development has forced the authorities to launch a crucial project of expanding I-355 southward. The planned link between the northern branch of I-90 and I-80 in the south will facilitate transit to and from many western Chicago suburbs. South-western suburbs, whose transportation systems have lagged behind those of their northern counterparts, have now gained a chance to boost their appeal to private home owners, businesses, and investors.
The opportunities in the South Side opening up to all, including private persons, business owners, as well as small, medium, and large investors, are practically unlimited. Let us be honest: the long buried treasure has never been found. As America awaited discovery by Christopher Columbus, the South Side is a treasure trove of possibilities awaiting its time. That time is now.  
 

 

 
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