There are big things happening in Chicago’s West Town. Developers are snatching up land at a quickened pace and real estate agents that serve the area are prepared for property values to increase.
What is the catalyst for these developments in West Town? Well, a recent article from DNAinfo Chicago points to the developing Bloomingdale Trail, a 2.7-mile park and trail system that will span the neighborhoods of Humboldt Park, Logan Square, Wicker Park and Bucktown. The project is scheduled for completion next year. The official launch was planned for Fall of 2014 but had to be pushed back to Summer of 2015 due to harsh winter conditions which delayed the construction.
The former rail line, The 606 will offer a new green path for bikers, runners, and walkers, as well as event spaces. It will also be an easy way to avoid traffic and quickly get from Bucktown all the way to Humboldt Park and Logan Square
An analysis by DNAinfo (based among other data on research provided by Redfin) found that prices of homes located within two to four blocks of the scheduled park have risen from $186 per square foot to $235 per square foot. Homes within a block of the trail have seen prices go from $204 per square foot to $254 per square foot.
As a result, developers and investors have begun to buy up properties near the trail. DNAinfo notes that one developer, DenMax Corp., is building six new townhouses in Humboldt Park at Wabansia and Central Park Avenues.
Ivona Kutermankiewicz, the listing agent for those homes, said they were originally listed at $349,900. The prices have been increased to $399,000 as a result of a large demand due to the proximity of the new 4+ acre park at the western trailhead (Bloomingdale and Ridgeway). DenMax Corp. plans to buy even more land in the area in anticipation of the completion of the trail, Kutermankiewicz added.
If The 606 turns out to be as successful and the NYC High Line which it was modeled after, it is realistic to expect the property values will continue to rise. The distance to the trail will have direct impact on the increased demand for homes in the surrounding areas.