I see your South South Loop and raise you a South Chicago

Yesterday I bet the farm – er – hypothesized that the South South Loop would be one of Chicago’s next “hot” neighborhoods. I want to add another neighborhood to the list. I know it seems like a long way away, but how about South Chicago?

First look at the numbers: the median price of a single-family home was a comfortably affordable $128,706 in 2005, according to the Chicago Association of Realtors. Nice. But it’s even nicer for those who have owned a home there since 2000. The median detached home price jumped 115 percent in five years. More than nice.
It’s a scrappy area, although we’ve noticed that Commercial Avenue is at least starting to attract a couple more retailers.

But there may be something even better on the horizon for South Chicago. It’s early days yet, but developer McCaffery Interests wants to build a mixed-use project containing several thousand homes on 400 acres of the old South Works U.S. Steel site (east of South Shore Drive between 79th and 87th streets).

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