Crain's Chicago is reporting that it's "back to the future" in the South Loop, with developers buying up vacant parcels and large residential towers once again rising.
The land rush currently in progress reminds Crain's of the years before the recession when developers flocked to the area and couldn't build projects fast enough.
Chicago-based residential developer CMK has acquired one vacant riverside parcel and is buying two more between Congress Parkway and Roosevelt Road, putting together land in one of the largest and still, surprisingly, undeveloped parcels that's within a walking distance of the Loop. It's part of an area known as Franklin Point, which has been vacant ever since the Grand Central Terminal was demolished in 1971.
But there's more - Crain's also reported on the apartment boom in the area that shows no signs of abating. 398 new units recently opened at the Amli Lofts and 469 more are being built.
The site also has a map graphic with 13 sites for redevelopment. To view it (and read the whole story), head over to Crain's here.
Image of Franklin Point (at left) via Google Maps.