River North is implanted in the minds of many Chicagoans as a ritzy enclave of upper-income homes. The venerable Encyclopedia of Chicago explains that until relatively recently the western swath of the Near North Side (which encompasses much of River North) was a slum. The city built the Cabrini-Green public housing project to try to combat the blight – not ultimately effective. But private development played a big part in revitalizing the area:
In the 1950s, the city turned to urban renewal. It cleared and sold the central strip between Clark and LaSalle Streets to developer Arthur Rubloff for Sandburg Village. Rubloff also spearheaded the revitalization of North Michigan Avenue under the banner of “The Magnificent Mile.” The success of these developments spurred the erection of more high-rise apartments and new investment in the Near North Side. In the 1980s, the River North area became a center for art galleries. The Chicago Dock and Canal Trust, still controlled by William Ogden’s descendants, made riverfront property available for new residential and commercial use with the Cityfront Center development. They redesigned old warehouses into a shopping mall called North Pier and built new skyscrapers.