It was recently reported that the U.S. Environmental Protection Agency has demanded that the Chicago River be cleaned up enough for recreational activities such as swimming, canoeing. The Cal-Sag and Little Calumet River is also included as part of cleanup efforts as reported by the Chicago Tribune.
The IL EPA is pushing for upgrades to the sewage-treatment plants, adding disinfecting equipment in the next few years, but if they are unable to quality standards the Federal EPA will step in and take action if necessary.
IF and when cleanup occurs, this could create another dynamic to the city landscape and continue the shift of movement back into the city. This would also create a lot of interest and potential development along the river as well as add another facet of transportation beyond the current Chicago Water Taxi that services passengers on a closed loop system between Chinatown and Michigan Avenue during the summer.
With a more viable river front, areas that were hit hard during the current market, especially several fringe neighborhoods. Furthermore, jobs, revenue, neighborhood development in addition to the benefits of lifestyle could all be gained.
Look for renewed interest in river front areas if and when cleanup starts, especially in areas with already high demand such as River North/West, Goose Island, Lincoln Park, Armour Square and Pilsen.
Other fringe areas could be transformed, as they were starting to during the boom, as the availability of real estate is much higher and more affordable.
Sherwin is a REALTOR® in the Chicago & Suburban area with @properties. Questions can be forwarded to Sherwin Sucaldito. Originally posted at Realty Evolved
Sherwin L. Sucaldito, REALTOR®, GREEN, ABR, CRPM
@properties
The Institute of Luxury Home Marketing
Green REsource Council, GREEN
Accredited Buyer’s Representative , ABR
Certified Residential Property Manager, CRPM