In the late 1990's, the area, known as the East Loop or South Michigan Avenue, was a fairly sleepy retail and office district. In the last five years, however, it has emerged as one of the city's hottest residential neighbourhoods with more than a dozen projects rising within blocks of the park.

Millennium Park is located in the heart of downtown Chicago. From the 1850s through the late 20th century, the site was controlled by the Illinois Central Railroad. What is now Millennium Park was first conceived in 1998 with the mission of creating new parkland in Grant Park to transform the unsightly railroad tracks and parking lots that had long dotted the lakefront.

Millennium Park is an award-winning centre for art, music, architecture and landscape design. The result of a unique partnership between the City of Chicago and the philanthropic community, the 24.5-acre park features the work of world-renowned architects, planners, artists and designers.

With the construction of the park, a mixed-use, round-the-clock neighbourhood that includes office, residential, entertainment and open space is created. This has lead to a rise in real estate value in the park’s vicinity. According to a study commissioned by the city in 2005, the park is responsible for about $1.4 billion in residential development and for increasing residential real estate values in the area by $100 a square foot. Another result of the Millennium Park effect is the renovation of several older office buildings in the area into rental apartments or condos.

Department of Planning and Development
Ms Lori T. Healey (Planning Commissioner), tel. +1 312 7444190

01/01/1998

case

Urban Policy > Housing > Housing management

Housing finance