New Construction in Streeterville Historically 1980-2020
Streeterville is one of the fastest growing neighborhoods in Chicago with 5 cranes rising in the neighborhood and 1500+ units under construction. However, over the past 5 years the neighborhood witnessed a single dimensional growth all concentrated in the apartment sector with little hotel development and no condo development.
Historically, this trend is not foreign to Streeterville or the real estate market overall as large scale developments are highly impacted by the overall economy, strong market demand and availability of capital.
Aerial photo of Streeterville in 1990
In this article we collected data for 30 buildings that were built between 1980 and 2017 in addition to the ones now under construction with delivery dates between 2017-2020. The total number of units built during this period of time added up to over 10,700 units of which 6,800+ were apartments and around 4,000 were condos.
Here is a closer look at the numbers- Condo units are highlighted in Red and Apartment units in Yellow:
The chart clearly shows the different phases of development in the neighborhood and the rise and fall of condo developments over the last 40 years. Also, if we were to use the past trends to predict the future then it would be fair to conclude that development of apartment buildings will slow down as new condo products will start coming back to the market.
Rendering of One Bennett Park- Streeterville's first building to include condos since 2008