An “impact development” is one that’s likely to spur substantial change in its immediate area.
The Fulton Market neighborhood in the West Loop is an interesting, mixed-use area with only sparse residential development. The make-over of the 1923-vintage Fulton Market Cold Storage Building, which is currently in the demolition phase, will add a large number of office, restaurant and retail jobs to the area when it’s completed in 2014, and will accelerate the redevelopment of an area that’s been languishing for the past half-dozen years.
Don’t expect to see new condos or apartments spring up next to the building, despite the proximity of the new El stop. New residential development is limited by the fact that much of the neighborhood lies within the Kinzie Industrial Corridor planned manufacturing district. A project (pictured above) that attempted to bypass the limits has been stalled for half a dozen years and was recently acquired for development of a microbrewery and retail on the site.
Will these developments stabilize or increase demand for housing in the nearby neighborhoods?