There s been a tremendous amount of projects beginning downtown, and a lot that were announced in 99 are building now. Earlier in the decade, the city saw a spate of condo conversions, but virtually no new highrise construction. For one thing, the economy. An unprecedented span of growth and a runaway stock market have put a lot of cash in the pockets of a lot of home buyers. Many of these same buyers have built up significant equity in their current homes and have good leverage to trade up to luxury highrises in a hot real estate market.
Demographics also favor the new buildings.
As well-off baby boomers become empty nesters, developers say, many are looking to simplify their lives and return to the excitement of living in downtown Chicago. The so-called echo boom, the copious children of the boomers, are meanwhile entering the housing market. Though the higher-end product tends to be out of their range, some of the new towers aren t. Another factor in the rise of these buildings is a new interest in living downtown. The city has worked hard to clean up and populate the Loop, with physical improvements, new businesses and an incipient theater district.