“Some of Chicago’s biggest and most complicated real estate projects took flight in 2019. By comparison, 2020 is shaping up to be the year of the unknown.
Rebirth of the long-dormant Old Post Office, zoning approval of Lincoln Yards and The 78, two multibillion-dollar megadevelopments on the river, completion of NEMA, the city’s tallest all-residential tower and the opening of the world’s largest Starbucks on North Michigan Avenue punctuated a year to remember in Chicago development.
Left for 2020 — and perhaps beyond — are the fates of the James R. Thompson Center in the Loop, the Obama Presidential Center, and massive development parcels including the former South Works and Michael Reese Hospital sites south of downtown. The location for a proposed Chicago casino also could be determined this year, if questions over its viability are resolved.
Meanwhile, investors are bracing for expected large property tax increases, as well as potential policy changes that could decrease real estate values. Some Chicago developers already are turning their focus to other cities because of their investors’ concerns about property taxes and other issues, such as soaring pension obligations for the city and state.
Here’s what to watch for in Chicago’s real estate and development scene in 2020…”
Read more here.