The fact that we’re even asking the headline question is an indication that the real estate market has taken a turn for the better this year. During the past half-dozen years, speculation about the “next hot neighborhood” was a way to elicit well-justified scorn.
During those years, however, without much fanfare, 100s of new homes and condos were built and rehabbed in Ukrainian Village and East Village. Almost all of them sold rapidly, many before completion, at price levels made attainable by depressed land values. The development activity appears to be accelerating, and at least one major player is entering the area with a 48-unit development on Chicago Avenue. An 11-story, 99-unit retail and apartment development is nearing completion at Division and Ashland.
The East Village neighborhood is bounded on the north by Division St (1200 N), on the east by Ashland Ave (1600 W), on the south by Grand Ave (500 N) and on the west by Damen Ave (2000 W). Division Street, the neighborhood’s northern boundary, has been a thriving retail, dining and nightlife strip for some time.
It’s now reasonable to consider the possibility that retail and commercial activity along Chicago Avenue in East Village is poised for rapid growth. Join me in the video for a look at the current state of the street, and a brief foray into the adjoining Noble Square neighborhood. You can traverse Division Street in East Village in the following video.