Chicago Real Estate Developments 2020
2019 was a year to remember for Chicago real estate development, including a revival of the Old Post Office, megadevelopment projects on the riverfront, and perhaps, most notably, the opening of the world’s largest Starbucks, a five-story coffee heaven located on Michigan Avenue!
In 2020, several projects are set to break ground, continue production, or open for business!
Here are a few real estate developments to keep your eyes on this year:
Salesforce Tower
A 60-story tower near Merchandise Mart, the third and final of the Wolf Point Project, is set to begin this March. Salesforce, a San-Francisco based software company, will use most of the building as a new regional headquarters and will lease the remaining office space for other Chicago firms. Another building in the Wolf Point Project, Wolf Point East, will begin welcoming residents in the early months of 2020.
Vista Tower
The Vista Tower will officially open its doors this spring. The highly anticipated skyrise will feature over 190 luxury hotel rooms and nearly 400 condominiums. Once complete, the 1,191-foot tower will take its place as the third largest in Chicago behind the Willis Tower and the Trump International Hotel.
Bank of America Tower
This 50-foot office building is set to open in the fall of 2020 and will be the tallest such building completed in Chicago over the past 30 years. Designed by Goettsch Partners, the project will add 1.5 million square feet of office space in downtown Chicago.
O’Hare International Airport
A modernization of O’Hare’s transit system and the addition of new runways and runway extensions are set to be completed in 2020. Additionally, development on a brand new 10-gate terminal is set to increase production. The 10-gate terminal will be an expansion of International Terminal 5.
Google Headquarters
Google is set to start construction on two new buildings near its Chicago headquarters in Fulton Market District. The 800,000 square foot building will bring Google’s total Chicago office space to over 1.3 million square feet.
Obama Presidential Center
This project has been impeded by additional reviews and lawsuits, but 2020 might be the year this project finally gets its start in Jackson Park. Former President Obama has recently announced an additional investment towards the $500 million project. Even if the project does not officially launch during this year, Chicagoans should have a much better idea of the direction of the project by the end of the year.
Harrison Square
Formerly a part of the Cook County Hospital, the building will be revived as a Hyatt Place Hotel. The remodel will add 210 guest rooms and restore some of the deteriorating architecture. This project is one part of the larger project to develop a multi-purpose Harrison Square.
In 2020, we will also likely see continued construction at Union Station and Navy Pier. And, Chicagoans may finally get an update on the potential Chicago Casino Project.
Real estate development can be tricky business. For legal guidance on your next real estate development, book an appointment with Lee Scott Perres, P.C.
