Major Development Approval Granted Near Logan Square CBD

The Logan Square City Council has approved a major development project near the Central Business District, paving the way for a 40-story high-rise building on Milwaukee Avenue. The project, which is expected to break ground in early 2027, will bring 500 new residential units and 20,000 square feet of commercial space to the area.

This approval comes at a time when the city is experiencing a surge in demand for housing and commercial space, driven by the growth of the tech industry and the expansion of the 606 trail. The new development will be within walking distance of the Logan Square Blue Line station and the historic Congress Theater, making it an attractive option for young professionals and families. The project is also expected to generate significant revenue for the city, with estimated property taxes of over $1 million per year.

Local Impact

The development will be located near several popular neighbourhood spots, including the Logan Square Farmers Market and the historic Palmer Square Park. The project's commercial space will be targeted towards local businesses, with a focus on independent retailers and restaurants. The developer, Logan Square-based firm, LG Development Group, has committed to working with local organisations, such as the Logan Square Chamber of Commerce and the Logan Square Neighbourhood Association, to ensure that the project benefits the local community.

According to data from the city's planning department, the average rent for a one-bedroom apartment in Logan Square is currently around $1,800 per month, with a vacancy rate of less than 5%. The new development is expected to increase the supply of housing in the area, which could help to reduce rents and make the neighbourhood more affordable for long-time residents. The project's residential units will range in price from $300,000 to over $1 million, with 10% of the units set aside for affordable housing.

In terms of timeline, the developer expects to complete the project within 3 years, with a construction budget of over $150 million. The city has committed to investing $10 million in infrastructure improvements, including the expansion of the nearby Logan Square Boulevard and the upgrade of the area's stormwater management system.

As the project moves forward, residents and business owners can expect to see significant changes in the neighbourhood. The city will be hosting several community meetings to discuss the project's impact and to gather feedback from the public. Residents can also contact the Logan Square Alderman's office for more information on the project and to provide input on the development process.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.