Looking forward to 2025, developers are cautiously optimistic the market is coming around and development firms will see more projects getting off the ground. In the meantime, developers are turning to reliable asset classes such as multifamily housing.and mixed-use projects. Several major development projects in Chicago represent a market on the rebound and ongoing housing priorities in Illinois.
Here’s a closer look at a few major multifamily and mixed-use projects set to break ground in Chicago, Illinois in 2025:
Chicago Housing Authority Gears Up For Construction on 4,100 Apartments
The Chicago Housing Authority expects to start redeveloping multifamily houses on the North Side as part of a multibillion-dollar initiative. The project includes developing vacant properties and creating 4,100 residential units to improve the Cabrini Neighborhood. Over the past decade, the area has been improving and their goal is to continue to help deliver more housing that meets the community’s needs and desires.
1901 Project Development In the United Center Lots Enters Zoning & Permitting Phase
The 1901 project is a proposed $7 billion, 55 acre mixed-use project that would replace parking lots around the United Center. The project still needs to go through zoning and approvals, before construction could even begin. The goal is to break ground in the Spring of this year. The 1901 project is expected to include music hall, retail space, hotels, parks, and more.
South Loop Slated to Get 3 New Mixed-Use Development Projects
Three significant mixed-use multifamily housing projects have construction permits and are set to break ground in the South Loop, all located on Wabash and S. Wabash street. The project sites are all currently vacant and back up to the CTA L tracks. Pappageorge Haymes Partners designed the northernmost building, a tower with 149 residential units located across from Fred Anderson Park. On the ground floor will be a residential lobby with associated uses. Pappageorge Haymes partners will also be behind the affiliated 9-story building nearby on S. Wabash, with 37 units of housing, and another 12 story building with commercial space on the groundfloor and the garage.