Friday, May 13, 2005
Mixed Use Real Estate Developments May Solve Chicago Land Shortages
The Chicago Sun-Times reported today that real estate developers in Chicago and throughout the Midwest will need to embrace new innovations to adapt to new market conditions. Discussions at the Midwest Builders Show this spring portended that limited available places to build will push developers to mixed use developments, et cetera:
Chicago lofts have long been exemplary of the trend toward mixed use developments. By taking old factories and renovating them into gorgeous, open loft living spaces, Chicago real estate developers have made the most of limited land availability.
Panels at the show also emphasized that Midwest home builders would need to work with communities to help develop infrastructure. The high costs for building materials and a decline in the availability of easy credit will also loom as challenges to continued growth of the Chicago real estate market.
Where to build is one of the biggest concerns confronting industry
players.
"I believe we will see a continued strong trend in a
combination of residential, retail and commercial mixed-use projects," [Norman
W. Nagel] said. "Many municipalities are looking to redevelop their downtown
districts." That is also the case in many areas in Chicago.
Chicago lofts have long been exemplary of the trend toward mixed use developments. By taking old factories and renovating them into gorgeous, open loft living spaces, Chicago real estate developers have made the most of limited land availability.
Panels at the show also emphasized that Midwest home builders would need to work with communities to help develop infrastructure. The high costs for building materials and a decline in the availability of easy credit will also loom as challenges to continued growth of the Chicago real estate market.
