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LOOKING SOUTH:
Construction in the South Loop is booming, but buyers are taking their time.
By John Bradley
Published July 9, 2006
Chicago Tribune

To see what's going on in Chicago's South Loop, take a drive or walk around what could be called "Crane City". New condos are sprouting up in all directions. Signs advertise new projects at almost every corner.

The South Loop outperformed other parts of downtown in 2005 new construction residential sales and has increased its share of the dowtown condo market to 44 percent, according to Appraisal Research Counselors, a Chicago firm that tracks residential sales.

"Huge activity is going on in the South Loop. It's the most active part of the city," said Gail Lissner, vice president of Appraisal Research. "The South Loop has had dramatic growth. In 2000, the area had 7,700 housing units. By the end of this year, it will have 13,600, almost double."

From a decaying commercial area, the South Loop has been transformed into a hot spot, from Congress Park to Cermak Road (22nd Street) and the lake to the Chicago River.

The rebirth took baby steps in the early 1990's and now is sprinting. The South Loop is cashing in on its convenience to downtown, Lake Michigan, Grant Park and transportation.

And the perception of the South Loop has changed dramatically, according to Bonnie Sanchez-Carson, executive director of the Near South Planning Board. "Back then, people would ask, 'You're going where?' Now people are rushing here."

"The South Loop is hte most integrated part of the ciyt. It's a true mix of blacks, whites and Chinesein an urban environment," said developer Jerome Karp, but it wasn't always this way.