The Chicago River has had a storied, twisting and turning history in Chicago for decades, if not centuries.
Earlier this month DePaul University’s Real Estate Center and Chaddick Institute hosted RiverTalk: Transformative Development Trends Along the Chicago River. The half-day conference brought together a series of real estate professionals, academics and City of Chicago officials who talked about the River’s past, present and future transformative role.
“The Chicago River is finally getting the recognition it deserves with a renewed sense of environmental stewardship and community access,” said Rick Sinkuler, Douglas and Cynthia Crocker Endowed Senior Managing Director of the Real Estate Center. “It’s rich with history and arguably one of Chicago’s greatest natural resources.”
Sinkuler applauded the City, developers, and the surrounding community for all working together to leverage the unique amenity which is one of the driving forces behind Chicago’s world class city status.
In his opening presentation, Joe Schwieterman, PhD, Director of the Chaddick Institute, addressed how the River has been part of a significant renaissance,
- from the 1950s and earlier when lake vessels traveled the River delivering industrial goods
- to the 1960s when the tradition of turning the river green was born
- to commercial development today that seeks to embrace the river, not simply have it be in the background.
He plotted the development activity taking place over the course of decades. Schwieterman characterized development activity today as, “making up for lost time to leverage and celebrate the river.”
The central part of the program was a discussion among four prominent developers who all have significant presences nationwide and in Chicago with major projects along the banks of the Chicago River. These projects are in the heart of the city as well as along burgeoning areas of the river’s North and South branches. The speakers, and their notable projects included
- Brian Atkinson of Hines which owns or has developed a number of assets along the river, including River Point and the Wolf Point commercial and residential buildings;
- Michael Ellch of Related Midwest which is developing The 78, a transformative 62-acre development, future home of the Discovery Partners Institute and Chicago’s first Innovation District.
- Dean Marks of Sterling Bay which continues to make progress with the development of Lincoln Yards, the 53-acre development that includes more than 20 acres of parks, open spaces and amenities to celebrate the river;
- Ted Weldon of Lendlease which is developing Southbank along the South Branch of the River. The development, when completed, will include five buildings and a 2.5-acre park.
In addressing their companies’ buildings and attraction to the River, many echoed the comments of Brian Atkinson who expressed the desire to always be by the river. “The River is unlike any place in the world. It allows for the use of the air, the water, the outdoor space and the views from top to bottom to create value.”
Marks characterized Lincoln Yards as being an historical site at the convergence of Lincoln Park and Bucktown. He addressed the innovation Sterling Bay is harnessing to soften the river’s edge, delivering 70-100 feet of setback at 1229 Concord, for example, to make the river more accessible and inclusive of the development. He also noted that the company will add a bridge over the river as a way to not only move people but to “connect with the natural asset.
Weldon admitted, “Without the Chicago River, Chicago wouldn’t have happened.” He characterized the River as “the industrial working river; an abused piece of the city that has been transformed and got us to where we are today.”
Among the common threads of the new, transformative developments occurring along the river are innovation and creativity, in part because the developers are going where few have chosen to go before. As a whole these developers are stretching the boundaries and filling in holes—all of which begs the question, as Sinkuler asked the panelists, “Where does inspiration come from?”
“Historically, part of being a Chicagoan,” Marks said, “is that you go for it. We don’t make little plans.”
Sometimes, as was the case with Ellch, inspiration comes from within and from being persistent. He recounted how he first saw the site where Related’s The 78 is being developed from a plane. ““I kept pounding at it, looking for different ways to approach the site until we could actually make it happen.”
After covering their developments, the draw and appeal of the River and where their motivation comes from, the panelists were asked to state their biggest takeaway for the audience.
Atkinson challenged Schwieterman’s depiction of how far development has come, the other panelists and the audience to advance what he called “the missing link” to Riverfront development—a more comprehensive transit-oriented initiative to transport people along the river. As part of a call to action, Atkinson reminded, “It has a significant ESG application to it.”
Weldon’s takeaway could also be viewed as a challenge, to the development community and the City. “There are holes in the Riverwalk. We need to fast-forward its completion,” he said.
Ellch focused not just on the commercial development taking place along the river, but also to the recreational and entertainment opportunities there. He advocated for more riverfront development, including fishing and splash pads “as well as establishments like City Winery.”
In a fireside chat conversation that featured Schwieterman; Angelia Millsap, Chaddick Institute; and Bradley Roback and John Law, both with the Chicago Department of Planning & Development, there was widespread agreement in the opportunity that development on the river creates, for developers, the workforce and residents alike. Participants in the chat emphasized the importance of the connectivity that can be achieved but also stressed the need to be collaborative and communicate better to fill in the gaps that exist to ensure a universally consistent experience.
All the speakers emphasized the importance of getting out, coming down to the city, and engaging with the spectacular new spaces coming on-line, on or in close proximity to the River.
Marks’ takeaway addressed both the transformation of the River and the City overall when he said, “Chicago is the greatest city in the world. It’s unparalleled. We need to press that forward. It has been a tough couple of years, and we need to get back to work.”
The conference demonstrated the importance and the benefit of developers, the City and people rally behind, blend into, protect and enhance the existing environment and resources. We are, after all, the City that works…and now embraces the river in newer ways than ever before.
