If you’ve ventured down to the southern end of Streeterville recently (the area bounded by the lake, the river, Michigan Avenue and Ontario Street) you’ll know that it is a study in cranes. I haven’t seen so many cranes crowd a city skyline since I visited Berlin in 1997.According to the Streeterville Organization of Active Residents, there are 11 high-rise condo projects and one apartment complex (developer Golub & Co.’s The Streeter, 345 E Ohio St) in various stages of development in this little corner of the city (see picture of MCL Companies’ planned The ParkView, 505 N McClurg Court). SOAR says we can expect to see more than 4,300 new housing units on the market in Streeterville over the next four or five years.
Some of the projects still await city approval, others have just broken ground. Some locals are excited, because the housing boom is attracting retailers like Walgreens and entertainment venues such as Lucky Strike Lanes.
Others are less thrilled. This just in from Playboy magazine advice columnist Mike Ostrowski, who rents an apartment at Onterie Center, 446 E Ontario St, near Playboy Enterprises’ Chicago offices.
“It just feels a little out of control right now. They need to make [condos] affordable for the middle class. Not everybody can afford a $400,000 condo after assessments and taxes.”