Chicago's Millenium Park Sparks High End Housing Development

Modernist park design inspires modernist residential buildings, increasing real estate values in Chicago's East Loop.

1 minute read

June 6, 2006, 11:00 AM PDT

By maryereynolds


Modernist Millenium Park has transformed Chicago's East Loop area from a low-key office and commercial district into one of the city's hottest housing markets. A 2005 study commissioned by the city found that the park is responsible for about $1.4 billion in residential development and for increasing residential real estate values in the area by $100 a square foot. James Kinney, local real estate executive explains: "You've got the park, the harbor, Navy Pier, the museums and other cultural attractions and easy access to expressways and public transportation. It's a pretty unbeatable combination."

New modernist buildings contain a mix of residential uses. Aqua Tower, an 80-story high-rise by architect Jeanne Gang, will have a 215-room hotel and 476 rental apartments on the lower floors and 263 condos on top. Its design takes inspiration from Lake Michigan: "The building has a sensuous rippling facade created through the use of irregularly shaped concrete floor slabs. Ms. Gang, a protégée of the Dutch architect Rem Koolhaas, said the inspiration was striated limestone outcroppings that are a common topographic feature of the Great Lakes region. 'We were looking at ways to tie the building to its place and realized the lake is the biggest thing in the area,' Ms. Gang said."

Sunday, June 4, 2006 in The New York Times

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Aerial view of town of Wailuku in Maui, Hawaii with mountains in background against cloudy sunset sky.

Maui's Vacation Rental Debate Turns Ugly

Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

July 1, 2025 - Honolulu Civil Beat

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 2, 2025 - Diana Ionescu

White and purple sign for Slow Street in San Francisco, California with people crossing crosswalk.

San Francisco Suspends Traffic Calming Amidst Record Deaths

Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.

July 1, 2025 - KQED

Google street view of red brick multi-story power plant building in Pittsburgh, PA.

Defunct Pittsburgh Power Plant to Become Residential Tower

A decommissioned steam heat plant will be redeveloped into almost 100 affordable housing units.

July 4 - Pittsburgh Post-Gazette

Cyclist on protected bike lane in middle of street in Washington D.C. with Washington Monument obelisk visible in background.

Trump Prompts Restructuring of Transportation Research Board in “Unprecedented Overreach”

The TRB has eliminated more than half of its committees including those focused on climate, equity, and cities.

July 4 - Streetsblog USA

Blue and silver Amtrak train at small station.

Amtrak Rolls Out New Orleans to Alabama “Mardi Gras” Train

The new service will operate morning and evening departures between Mobile and New Orleans.

July 3 - New Orleans City Business