By: Eli Schultz
The West Loop real estate investment community welcomed the newest green addition to the Chicago neighborhood with the long-anticipated Adams & Sangamon Park finally opening on August 19th, 2010. Mayor Richard Daily and alderman Bob Fioretti came out to inaugurate the park’s completion, hailing it as a great achievement by the area’s committed and organized community. After seven years of planning and renovation, the park now touts a varied assortment of post-modern outdoor recreational amenities, including an elaborate dog zone, a walkthrough misting sculpture, and a brand new playground. Everything is laid out across an intricate and uneven topography with hills and dips which adds to the park’s sophisticated look and feel.
Located on Adams Avenue just west of Greek Town, the Adams & Sangamon Park is now one of three major green spaces in the West Loop neighborhood. This include Skinner Park, also just recently renovated, as well as historic Union Park nestled at the intersection of Ashland Avenue and Lake Street. Overall, the West Loop neighborhood has risen from its shadowy reputation of the eighties and nineties to become one of Chicago’s fasted developing neighborhoods. Particularly among young professionals and newlywed families, the West Loop has become a highly desirable neighborhood due to its rich mix of residential and commercial space, and its proximity to the city’s downtown.
With the opening of Adams & Sangamon Park, the West Loop is now a veritable showcase of new urban design, integrating nature and green space into the various facets of urban living. Overall convenience and balance in proximity to work, entertainment, and nature is often recognized as today’s standard for urban design. No doubt, the park will give this Chicago neighborhood added appeal and a boost to real estate prices once housing markets stabilize.
For those looking to get in early, this could be as good of a time as any to look around for deals. On average, West Loop real estate for sale currently runs at around $310,000, with many new and rehabbed units available along Madison Street and Washington Blvd. The median sale price for a one-bedroom condo is around $267,000. Prices for a two-bedroom unit go for around $370,000. Detached single-family homes in the West Loop are far more expensive reaching on average 850,000 and often surpass the million-dollar mark.
West Loop Real Estate
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