Quote:
Originally Posted by 10023
The Blue Line corridor under Milwaukee, and certainly the Brown Line, have too much historic building stock to be replaced en masse with highrises. Toronto never had that. It’s the Green Line along Lake that could add serious density all the way to Garfield Park. Plenty of parking lots and vacant land to be build up. That would be cool.
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Yes, though in West Loop, the green line has added some pretty serious building density of late. There's now a sort of canyon in an area or two along the Green Line in West Loop. Things are creeping west in the West Loop towards Ashland with some projects already started or set to start around there.
There's the new Green Line stop at Damen coming - and actually there was a good amount of housing built nearby there around 2010 (
https://www.google.com/maps/place/La...!4d-87.6767279) and actually there's a low rise housing project over there which underwent a big multi million dollar renovation lately (or maybe it's still going on). It's be interesting to see what happens.
Interestingly, there was an article in the Tribune from December 20 talking about the housing price increases in East Garfield Park, Austin, South Lawndale, etc and gentrification fears:
https://www.chicagotribune.com/busin...219-story.html
Quote:
Austin, South Lawndale, and East Garfield Park are among the moderately priced neighborhoods that saw prices of one-to-four-unit buildings rise significantly between 2012 and 2017, increasing more than 21.6 percent, according to a new analysis prepared by the institute. Moderately priced buildings are those that sold for between $96,738 and $285,200.
Other, lower-cost neighborhoods, such as West Garfield Park, Central Park and Greater Grand Crossing, also saw significant rises in home prices during the five years analyzed. Those neighborhoods are considered emerging areas where prices are predicted to climb higher because they are near public transit, have large projects underway or are attracting more speculative investment.
Of the 270 census tracts in the city with moderately priced homes, 57 of them saw housing prices climb more than 26.1 percent in the period studied. Another 151 saw housing prices climb 9.5 to 21.6 percent.
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Moises Pacheco is trying to carve out such a path.
He recently made a profit of about $50,000 flipping a bungalow in East Garfield Park that he purchased, rehabbed and sold for $335,000.
Pacheco, 35, has lived in the neighborhood since 2005 with his family, after they were displaced from Humboldt Park when it became too expensive.
Now, he said, he’s dedicated to turning around houses in East Garfield Park and bringing in young people to live in the rehabbed homes. The area is ripe for redevelopment, given its sturdy housing stock and close proximity to downtown, with easy access to the CTA’s Green and Blue lines and Interstate 290.
“You still have shootings happening pretty regularly,” Pacheco said. “But it’s starting to shift now because you have a lot of new people. The thought process is that in a couple years, the crime won’t be here.”
Indeed, crime is down 20 percent in East Garfield Park since 2013. Still, nearly 5,000 crimes of all types have been committed in East Garfield Park since Dec.1, 2017, according to city of Chicago crime data.
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