University of Illinois at Chicago unveils 10-year development plan
In 1965 when Mayor Daley cut the UIC campus ribbon, his vision was that the school would reach it’s full potential as an educational institution in Chicago.
January 16, 2019
- In 1965 when Mayor Daley cut the UIC campus ribbon, he has a vision that the school would no doubt reach it’s full potential as an educational institution in Chicago. With enrollment surpassing its previous record every year since 2014, the objective of this development plan is growth by attracting new, educated talent to Chicago in order to achieve total enrollment of 35,000 students, or a 10% increase by 2028.
- It appears that time has come, as the school unveiled a 10-year, multibillion dollar campus development plan this month that will bring a dozen new buildings, a renovated Polk L stop, and a host of new amenities across 300-acres.
- Nestled between South Loop and Fulton Market it also happens to be just a quarter-mile from the Old Post Office redevelopment, and the location of the campus is conveniently placed with three different opportunity zones surrounding it.
- Between the potential investment that the opportunity zones are rumored to experience moving forward, exciting new mega-developments like the 78 just across the river and refurbished transportation in the area allowing easier access, there is potential for a serious influx of investment such as student housing, which has proven to be a popular option for schools looking to expand enrollment (see Mizzou, Iowa, Kansas State, ASU student housing boom), and with tax breaks there is added incentive.
- The increase in millennial exposure to these areas could act as a stimulus to those already established residential and retail sectors, while the office sector will bank on maintaining the young talent as they assimilate into the workforce upon graduation.
Source: JLL Research