The economy may be gloomy and the next real estate boom likely is a few years away, but the emerging Near South Side is on a path to be a high-demand Chicago neighborhood, urban planners say.

“When the recession ends and new high-rise apartments, condos and homes are developed over the next decade, the new Near South Side eventually will generate millions of dollars of real estate tax revenue for the city,” predicted real estate investor Howard Weitzman of Weitzman Realty Associates, LLC.

It’s likely that much of the city’s future lakefront housing will be developed between now and 2020 in the South Loop and Near South Side, surrounding McCormick Place, planners say.

Over the past decade, a condominium building boom brought new restaurants and entertainment to the South Loop and Near South Side, and the population has skyrocketed 75 percent to nearly 16,700 residents from 9,500 residents in 2000 in the area bounded by Roosevelt Road, Lake Michigan, the Chicago River and 26th Street.

The lakefront location and proximity to downtown jobs also attracted young professionals to the neighborhood.

More white-collar jobs could be coming to the Near South Side if the city’s plans move ahead for a technology park on the recently cleared 37-acre former Michael Reese Hospital site near 29th Street and Ellis Avenue.

If you add the $80 million the city spent to acquire the Michael Reese site, Chicago has already invested $100 million into the neighborhood during the current real estate recession.

New harbors, boat slips, parks and beaches are on the drawing board or underway, including the planned 31st Street Harbor and the new Burnham Park Beach and beach house at 40th Street and the lakefront.

The city also plans to install infrastructure improvements between 26th and 31st streets along Cottage Grove Avenue. A tax increment financing district is already in place, and long-range South Side plans call for construction of a light rail commuter system from McCormick Place to 63rd Street along Cottage Grove.

Real estate appraiser Gail Lissner of Appraisal Research Counselors Ltd. noted that there is greater value for home buyers on the South Side of Chicago than on the North Side.

“You certainly can get significantly more for your money on the South Side,” said Lissner. “If you are shopping for a home on the North Side of Chicago, you’re probably paying 50 percent more.”

One example is Lake Park Crescent, a new lakefront residential community at 4060 S. Oakenwald Ave. in the North Kenwood-Oakland neighborhood.

“Lake Park Crescent has something for everyone, all at a tremendous value,” said Robbi Davis, sales manager at the 68-unit condominium and row-home community being developed by Draper and Kramer.

One-bedroom condos begin at $169,800, while three-bedroom City Homes start at $269,800 and four-bedroom Row Homes are priced from $439,800. “The Row Homes might command a price of $1 million or more on the North Side,” Davis said.

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By Mell from Bronzeville
Posted: 12/20/2011 11:13 AM

We invested in a historic home in 2002 in Bronzeville because of its location and close proximity to just about everything the city has to offer within 5-15 minutes- 6 World Class Museums, Lakefront- 2 beaches/1 marina, two professional sports arenas, 3 ranking universities, over 50 site-seeing landmarks and 200 historic homes, Launched a B&B in 2011 and getting very good responses from diverse world and national travelors. While we have some issues, it has been a great ride!

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By Anonymous from Bronzeville
Posted: 02/08/2011 7:20 PM

Bronzeville is getting lots of attention. Brand New 35th St. METRA station, 950 boat slip marina in the works! Park Boulevard at 35th & State has it all!

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By Anonymous from Bronzeville
Posted: 02/01/2011 8:55 AM

I bought a house in Bronzeville in the near South Side over a year ago and it's been a great decision. I got a great deal, am near the lake, near public transport, and there is new construction and renovation happening all around. The people in the area are really nice. I knew almost all my neighbors within a month, which I can't say is true when I lived on the North Side. It's worth a look if you want more for your money yet still want to be in the city and close to downtown.

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By Anonymous from Hyde Park
Posted: 01/28/2011 2:21 PM

What is this "light rail commuter system" planed for Cottage Grove? It's the first I've heard of it.