2024 Chicago Development & New Construction Updates

Chicago’s skyline and infrastructure are gearing up for some exciting changes. From modern residential buildings to entirely new neighborhoods being built, we’ve rounded up some of the top development projects to watch out for in the coming year. These 2024 Chicago development projects will breathe much-needed new life into some neglected areas of the city and open up new and exciting investment opportunities.

Bally’s Casino & Hotel Expansion Updates – 600 N Wabash Ave Chicago, IL 60654

Last Spring, Bally’s opened up Chicago’s only casino within its city limits at 600 N Wabash Ave. This long-awaited project brought 34,000 square feet of temporary gaming space to River North while work was being done on their permanent location at 777 W Chicago Ave. The second half of the project was slated to bring in a 400-room hotel. Recently it was uncovered that this expansion will not be possible without causing massive damage to the city of Chicago’s water piping infrastructure. Due to this complication, plans have shifted and Bally’s will now be constructing the hotel at a separate location that has not yet been announced. Even with all these delays and roadblocks, they still have a target date to complete all work by 2026.

The 78 Updates & Potential Sox Stadium – 1331 South Lumber Street, Chicago, IL

The 78 is slated to be Chicago’s newest neighborhood and one of the largest Chicago development projects in 2024. It is being developed in the South Loop area on an empty plot of land running along the Chicago River. Previously, we covered some of the larger development plans and projects which are estimated to bring in 24,000 workers daily. Now, we are seeing serious interest from the White Sox organization to bring the team to this new neighborhood. Negotiations may be farther along than announced, as the 78 has recently featured renderings of the new stadium on the front page of their website. This is an exciting development to keep an eye on that has the potential to alter the landscape of the city.

Lincoln Yards Updates – 2001 N Southport Ave, Chicago, IL 60614

Situated along the north branch of the Chicago River just East of Bucktown, Lincoln Yards is an ambitious Sterling Bay development that has run into funding issues. The 53-acre development was poised to bring around 6,000 residential units, public green spaces, an extension of the 606 trail, and much more before Spring of 2023. According to Sterling Bay, the former Chicago Mayor, Lori Lightfoot, essentially put the project on hold. Since the developers have exhausted their $1.3 billion in TIF funds, they are now looking for new investors to get the project back on track to begin construction in 2025.

North Union Updates – 868-1000 N Wells St, Chicago, IL 60610

Last Summer we covered the latest construction updates at North Union when JDL Development began work on 920 N Wells and 868 N Wells St. As they edge their way towards the finish line on the first two phases of construction, work on the third phase should begin this year at 938 N Wells St and 312 W Walton St. This third phase will add more green spaces and an expected 389 residential units. The project aims to complete all construction across the entire campus by the Summer of 2026, and by all indications, JDL is expected to complete work according to its original timeline.

Halsted Pointe – 901 N Halsted St, Chicago, IL 60642

Nestled at the intersection of Halsted St and North Branch St, developers, Omni-Group, aim to construct several mixed-use buildings at the site of an old Greyhound Bus facility. While permits were approved last year, Omni-Group finally obtained the funds to start the project, a $50 million loan from Otera Capital. The construction will have 3 phases bringing 28-story, 30-story, 45-story, and 65-story towers with a total of 2,650 residential units, 100,000 sq/ft of new outdoor green space, a new hotel, retail space, and hundreds of new parking spaces. 

 

Obama Presidental Center – 6001 S Stony Is Ave, Chicago, IL 60637

The Obama Presidential Center, set to transform Chicago’s South Side, is rapidly advancing toward its completion. As of early 2024, significant progress has been made, with the Museum Building’s structure reaching new heights and the initiation of exterior cladding and interior work. This center, envisioned as a beacon of civic engagement and democracy, is poised to open by the end of 2025.

 

Thompson Center Google Renovations – 100 W Randolph St #104, Chicago, IL 60601

Tech giant Google has recently purchased the famous Chicago Thompson for $105 million. They plan to relocate their Chicago headquarters from Fulton Market to the iconic dome structure in the heart of the Loop. Before their staff moves into their new home, Google will take on $280 million of renovations to bring the building up to modern standards, including efforts to make it an environmentally friendly office space. The modernization aims to improve not only the space for Google employees but also for residents of Chicago at large. Google plans to finish redevelopment by mid-2026 

400 Lake Shore Drive Chicago, IL 60611 – New Residential High Rise Developments

Financing for the first phase of the 400 N Lake Shore Drive project in Streeterville has been finalized. With a tower crane permit in place, this marks significant progress since its announcement in 2018. The development, located on the former Chicago Spire site, is led by developers Related Midwest who have raised over $500 million for the project. The first of the two-phase project involves constructing a 72-story North tower offering 635 residential units, 127 of which are affordable. The inclusion of affordable housing, allows the developers to benefit from tax breaks crucial for the project’s feasibility. With an estimated cost of $1 billion for the development, the project is aimed to be completed by Spring 2027.

3915 N Wayne Ave, Chicago, IL 60613 – New Residential Development in Lakeview

Located just steps away from Graceland Cemetery, Wayne 531 LLC has recently announced its plans for a new 31-unit residential building in Lakeview. In 2022, after Burger King’s lease ended, it was immediately purchased by the developers and demolition began. The building has received some pushback from neighbors who don’t support the variances that allowed the developers to skip over Chicago’s Affordable Housing Ordinance and not create new affordable housing units for the area. While we haven’t seen a concrete completion date announced, plans and filings from Axios Architects and Consultants show permits have been submitted.

345 N Aberdeen St, Chicago, IL 60607 – New Residential Development

Sterling Bay is advancing a mixed-use development at 345 N. Aberdeen in Chicago with plans to replace an existing industrial building with a 45-story tower designed by Gensler. This new development aims to offer 559 residential units, with 112 designated as affordable, along with 255 parking and 559 bike parking spaces. Recently, Sterling Bay has been exploring the sale of the property, with the zoning application and potential rezoning being key factors in the property’s marketing for future sale.

400 N Elizabeth St, Chicago, IL 60642 – Two New Residential Developments in Fulton Market

Mark Goodman & Associates, in collaboration with Weldon Development Group, has submitted a rezoning application for a new two-tower residential project at 400 N. Elizabeth. The proposed development aims to feature 724 apartments across two towers, with 20% of the units designated as affordable housing. A new pedestrian plaza and a connecting path between N. Elizabeth St and N. Ogden Ave are also part of the plan, enhancing the community’s walkability.

The Duke of Wells – 1528 N Wells St, Chicago, IL 60610 – New Hotel Construction in Old Town

Approved back in 2020, we can finally see some progression on the 12-story hotel slated to replace an existing mixed-use structure at 1520 N Wells. Permits have finally been approved for the National Wrecking Company to begin demolition so the new “Duke of Wells” construction can begin. Developers are calling this a 4.5-star hotel that will include a rooftop terrace and lounge with a unique view of the city. McHugh Construction is set to begin work this year, although there is no completion date announced yet.

146 W Hubbard St, Chicago, IL 60654 – New Hotel Construction in River North

Applications for construction permits have been submitted for an upcoming hotel development at 146 W Hubbard Street in River North. It is set to take over a current surface parking area adjacent to the Northwest intersection at N LaSalle Drive. With 341 rooms spanning across 151,730 square feet, this 16-story project is being spearheaded by The Porritt Group in collaboration with Saroki Architecture.

If you are interested in any of these new investment opportunities or are looking for some consultation on an existing property, our team of commercial real estate veterans are here for you! Contact us today w the form below to talk to an expert commercial real estate agent at Pearson Realty Group!