Hyde Park Week: Will Hyde Park Be the Next Hot Neighborhood?
Hyde Park, home to the world-renowned University of Chicago, and the Museum of Science of Industry, is often an after thought by most people moving to Chicago.
But the neighborhood is starting to build momentum as real estate investors have been renovating and building new apartment buildings.
Meanwhile, more amenities are starting to move in.
The neighborhood got a Whole Foods in 2016, which was so anticipated it produced lines with 40 minute waits the first week it opened.
The long-time Treasure Island, however, has closed but Trader Joe’s announced it would bring a new store to the same location. It will be the first Trader Joe’s in that part of the city.
It has a restaurant on lists of the Top Restaurants in Chicago in 2019 in Virtue and it has a hot new hotel, The Sophy.
The neighborhood has also seen a renovation of some of its big, vintage buildings into luxury apartments in East Hyde Park.
The Shoreland Apartments has been restored to its former glory. Built in the 1920s, it was put on the National Historic Register in 1986.
It overlooks a park and the lake front. It’s apparently popular with University of Chicago graduate students, including law and medical students.
Rents are high but not as high as some other buildings in the neighborhood.
- Studios from $1270 a month
- 1-Bedrooms from $1337 a month
- 2-Bedrooms from $1836 a month
- 3-Bedrooms from $3575 a month
They have 9-foot ceilings and updated finishes including granite counter tops and stainless steel appliances in the kitchens and washer/dryers in the unit.
There’s also new construction in East Hyde Park.
Mac Properties, which converted the Shoreland, is building 5252 at 5252 S. Cornell.
Rents are at the “luxury” price point.
- 1-Bedrooms at $2500 a month
- 2-Bedrooms from $3250-$3530 a month
Move-ins are expected this fall.
And then there is the Jeanne Gang, from Studio Gang, designed Solstice on the Park, at 1616 E. 56th.
It overlooks the Museum of Science and Industry.
Rents are also at the “luxury” price point.
- 1-Bedrooms from $2300 a month (for 718 square feet)
- 2-Bedrooms from $3450 to $4295
- 3-Bedrooms from $5195 to $5350
The website shows 16 apartments available out of 250 in the building.
With the Barack Obama Presidential Center still expected to go into Jackson Park, is Hyde Park about to break out from its long slumber?
What effect would BHO Presidential center have on RE pricing?
There really aren’t a lot of buildings to rehab since the bulk of Hyde Park’s housing stock has been owner-occupied for years and few vacant lots. It’s always been an expensive neighborhood to rent in, though no longer a reasonable area to buy in. Woodlawn’s explosive growth lately is the bigger story – 600k new construction. And it was happening long before the OPC was even an inkling in anybody’s mind. Same story in Oakland (aka North Kenwood) and all the way north to 39th Street.
It’s always been a high income area, but with out question it’s crossed a tipping point and is developing at a faster rate. Housing stock is ridiculous and much more affordable that Lincoln park. Area doesn’t feel much sketchier than north side. Still Hyde Park is so far from the bulk of what Chicago offers. Unless you work at the university or hospital or your kids attend Lab, I can’t imagine choosing to live there. Where I think the change will come from, is that more and more people who do work down there will choose to live down there, where as now many commute from the north side.
Still Hyde Park is so far from the bulk of what Chicago offers. Unless you work at the university or hospital or your kids attend Lab, I can’t imagine choosing to live there. Where I think the change will come from, is that more and more people who do work down there will choose to live down there, where as now many commute from the north side.
The plan to increase service and decrease fares on metra trains* on the south side could encourage more people unconnected with the University to consider living in Hyde Park. here are 3 Hyde Park/UofC stops on the Metra Electric line – it’s about 25-30 minutes to downtown (Millennium Station).
*assuming it ever happens
https://www.chicagotribune.com/business/transportation/ct-biz-metra-south-side-lower-fares-getting-around-20190722-imy72lu635etpbgsykxa3cg2li-story.html
Express MED trains are about 14 minutes from Millenium to 55-56-57 Street.
A lot of people with no direct connection to the University are moving to HP – especially upper/upper middle income people of color who might not feel comfortable on the north side. It’s arguably the center in Chicago for that demographic. That said, huge numbers of white purchasers are moving to neighborhoods around Hyde Park. Anecdotal of course, but I recently drove up through Oakland and the only kids I saw on the street were white pre-teens in the low 40’s along Lake Park and Oakenwald.
I visited an apartment at the Shoreland many years ago, maybe around 2001, and was very impressed. A really old-world example of style and grace. I’d consider moving there but my wife would never, ever live in Hyde Park.
I would say yes. Its on the shortlist of places we’d like to buy a home. And you can get FAR more down there for a lot less.
The South Loop is starting to get nice, things are pushing further south. Wont be long until the gentrification connects downtown all the way to Hyde Park.
My parents had their wedding reception at the Shoreland in 1948. Back then Catholics were married in the church in the morning. Receptions were more a luncheon/brunch low-key event. Though I’ve lived north of Roosevelt most of my adult life, I love the southside! The housing along the lakefront south of Roosevelt far exceeds most of the northside outside of the Gold Coast and Sheridan Park, and the lakefront vista is more beautiful. I’m certain the southside will have a resurgence.
“Wont be long until the gentrification connects downtown all the way to Hyde Park.”
Agreed. I’ll have more on these neighborhoods in the coming weeks and into the fall.