These Major Developments Are Shaping Chicago’s Future

Chicago’s skyline is a living, breathing creature – always changing and adapting and is a living testament to the growth and innovation it provides. 2025 is shaping up to be another transformative year for Chicago’s skyline and communities. With groundbreaking new construction and Chicago development projects set to further the city’s unique architectural landscape, the year promises a mix of luxury high-rises, affordable new housing, state-of-the-art mixed-use developments, and massive community-focused transformations.

As a follow-up to our report last year, Breaking Ground 2024: Chicago Development Updates, we have compiled a list of the top residential and commercial ventures to watch in the year ahead. These ventures are set to bolster Chicago’s booming real estate market, offering exciting prospects for investors, homeowners, and small business owners while enhancing the vibrancy of this dynamic urban hub. We also cover some large-scale neighborhood developments like Union North and Lincoln Yards, that will have a deeper impact on Chicago’s diverse communities.

220 North Ada Street
Location: Fulton Market District, Chicago
Scope: 28-story residential development.
Details: Groundbreaking occurred in March 2024, with the project expected to provide 308 additional residential units in the Fulton Market area, with 68 being marked as affordable. It will also introduce 12,300 square feet of ground-level retail space. The new construction emphasizes sustainability, featuring reduced water usage, energy efficiency, EV charging stations, green roofing, and a goal to divert 80% of construction waste. Groundbreaking was held in March 2024, and completion is slated for 2026.

345 N Aberdeen St
Location: Fulton Market District, Chicago
Scope: 44-story mixed-use development.
Details: Approved in 2024, this Sterling Bay project, designed by Gensler, will feature 559 residential units, of which 112 are marked as affordable. The building will also provide 255 parking spaces, 559 bike parking spaces, and ground-level retail space. Construction is set to begin in mid-2025, with completion expected in late 2026.

360 North Green Street
Location: Fulton Market District, Chicago
Scope: A 24-story mixed-use development.
Details: Approved in March 2022, this 500,000 square foot ‘Class A development’ includes office spaces and about 5,400 square feet of retail spaces. Sterling Bay claims that the building’s “column-free spans and 8-column free corners set the new market standard for Chicago’s most efficient office floor plan”. The building’s comprehensive amenities entice talent back to the office, featuring a hidden duckpin bowling lounge, a stylish bar and lounge, 5,000 square feet of outdoor space, and a cutting-edge fitness center. Construction began in June 2022, with completion anticipated in 2025.

3915 N Wayne Ave
Location: Lakeview, Chicago
Scope: 4-story luxury residential development.
Details: Approved in 2024, this boutique project will feature 31 luxury residential units with three- and four-bedroom layouts all of which will contain a personal balcony. The project will also consist of a ground-level parking structure with 31 parking spaces, no retail space is expected. Situated in the heart of Lakeview, it offers easy access to local dining, shopping, and transportation. Construction is set to begin in early 2025, with completion anticipated by late 2026.

400 N Elizabeth St
Location: Fulton Market District, Chicago
Scope: A 14-story office building.
Details: Approved in early 2024, this development features two connected towers of 33 and 31 stories, with 724 apartments, 300 parking spaces, and 724 bike spaces shared between the buildings. A 4,000-square-foot green park space is also planned to sit between the two buildings’ ground-level retail spaces. No groundbreaking date has been announced yet, but each tower is projected to be completed within 21 months, with construction divided into two phases, spaced approximately nine to twelve months apart. months to build, with phases starting 9–12 months apart.

400 Lake Shore Drive North Tower
Location: Streeterville, Chicago
Scope: A 72-story mixed-use skyscraper.
Details: Approved and groundbreaking held in June 2024, this project on the former (in)famous Chicago Spire site is set to become a prominent feature of Chicago’s skyline. The project’s first phase will include a north-facing 858-foot tower offering 635 residential units, 127 of which are affordable. LR Contracting and BOWA Construction broke ground in June 2024 and are projected to finish in early 2027.

LeClaire Courts Redevelopment
Location: LeClaire Courts, Chicago
Scope: Redevelopment of the former LeClaire Courts public housing site.
Details: Developers Habitat and Cabrera Capital Partners, received a $27 million capital loan from the Chicago Housing Authority. The entire scope of the project includes a multi-phase plan to provide up to 700 residential units (most of which will be affordable), approximately 440,000 square feet of commercial space, and public open areas. The first phase will break ground with two 6-story mixed-use buildings that will provide 183 residential units. Groundbreaking is targeted for spring 2025.

Thompson Center
Location: The Loop, Chicago
Scope: Transformation of the iconic Thompson Center into Google’s Chicago headquarters.
Details: Google acquired the Thompson Center in 2022. It has been undergoing a significant redevelopment to accommodate modern office spaces while preserving its Chicago architectural essence. This new development will also be the latest building to align with Google’s goal to operate on 24/7 carbon-free energy by 2030, an emerging new construction trend that new investors prefer. Construction started in late 2023, with completion targeted for 2026.

Neighborhood Developments

These massive, multi-billion dollar developments are poised to have substantial impacts on Chicago’s landscape by not only creating opportunities for new residents and businesses but the city’s cultural and community-driven identity as well.

The 1901 Project
Location: Near West Side, Chicago
Scope: A $7 billion mixed-use development.
Details: Announced in July 2024, this joint operation from the Reinsdorf and Wirtz families aims to revamp the area surrounding the United Center with the Chicago motto “Urbs in Horto” (City in a Garden) in mind. The long-term multi-phase project will introduce up to 9,500 residential units. The revitalization of the neighborhood also includes a new 6,000-seat music hall, a new hotel, as well as massive amounts of new commercial and open green spaces spanning over 55 acres. Developers are working with the CTA on a new Pink Line stop, but nothing has been finalized yet. Construction is expected to commence in spring 2025, with the development unfolding over the next decade.

The 78
Location: South Loop, Chicago
Scope: A 62-acre new Chicago neighborhood.
Details: Named “The 78” to mark Chicago’s addition of a new neighborhood, this massive development will include multiple residential and office towers with 13 million square feet of space and 12 acres of open space. The core of the project, The Gateway Towers, two powerful and complementary 127-story towers will add an iconic new piece to the Chicago skyline. Plans also encompass a new CTA Redline station at Clark & 15th, a new Water Taxi stop, and the Discovery Partners Institute, a research center operated by the University of Illinois. You can also look for big changes to High Street changing into a lively boutique shopping and dining area. There is even a strong push to relocate the Chicago White Sox to a new stadium at The 78. Construction is currently ongoing and expected to finish in the 2030s.
Read our original coverage on The 78 here.

Halsted Pointe
Location: Goose Island, Chicago
Scope: Phase 1 of a mixed-use development, including a 46-story tower.
Details: The redesign, headed by developers at The Omni Group, was approved in June 2023, and new funding was acquired in early 2024. In total, this $1.1 billion redevelopment project will introduce multiple new mixed-used buildings with nearly 2,650 lakeside-view residential units, 1,470 parking spaces, and 20,000 square feet of retail space. The first phase of the project will focus on a 46-story tower on the southern tip of Goose Island. The development is forecasted to be completed by 2037.
Read our original coverage on Halsted Pointe here.

Lincoln Yards
Location: North Side, Chicago
Scope: A 53-acre mixed-use development.
Details: This ambitious project from developers Sterling Bay, Lincoln Yards aims to transform the North Branch Corridor into a vibrant community with 14.5 million square feet of mixed-use space and 6,000 new residential units. It will also include 21 total acres of parks, riverwalk space, and open hardscape land, which includes the new Fleet Fields. The project is also an expansion of both the 606 Trail and Riverwalk. Approved by the city council, with infrastructure work and financing ongoing. Despite facing delays due to funding challenges, the development seems to have secured new investors in 2024.
Read our original coverage on Lincoln Yards here.

As 2025 unfolds and we look forward to the next decade, we can see a bright future for Chicago’s real estate market and cultural landscape. for both homeowners and investors. Whether you’re an investor or homeowner, Chicago’s future is looking bright with luxury high-rises, mixed-use spaces, and massive neighborhood revitalizations. These developments highlight the future of the city’s strong growth and longevity making this an exciting time for the market. To learn more about these developments or discover hard-to-find investment opportunities in Chicagoland, contact our Business Development team today to get started!