Rescaling mega-projects to a rasping neighborhood transformation project: through a case of West Loop, Chicago

Authors: Youngjun Kim*, University of Illinois - Chicago - Chicago, IL
Topics: Economic Geography, Urban Geography, Development
Keywords: Real Estate, Developer, Institutions, Industrial Spatial Transformation, Spatial Fix
Session Type: Paper
Day: 4/10/2018
Start / End Time: 12:40 PM / 2:20 PM
Room: St. Charles, Marriott, River Tower Elevators, 41st Floor
Presentation File: No File Uploaded

Many North American cities have been recently experiencing an unprecedented boom of real estate market after the recent financial crisis: particularly, these development forces have been concentrating on a specific type of development projects (creative office, mixed-use projects, rehabilitation and renovation of the former warehouse and factory buildings) and neighborhoods. Many old industrial and manufacturing spaces have targeted for these development projects resulting in the radical and rasping industrial space transformation. I see this phenomenon as a mode of rescaling mega-projects to a rasping neighborhood transformation project for both maximize profits and minimize risks associated with real estate development projects after the financial crisis. I would investigate the relationship between the new market (or asset) creation and real estate industry change; and how the changes in real estate industrial organization and development outcome with the current neighborhood level of transformation like West Loop have closely tied to regulatory environment and planning policies and practices on the real estate market and industrial production space. This paper examines these set of questions through qualitative analysis of data and information gathered through interviews with different real estate developers, financial investors, local public officials, and neighborhood organization members, public documents (e.g., annual reports, plans, initiatives), and related research literature.

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