Changes coming to Hyde Park
February 11, 2012
By: Alejandra Cancino and Corilyn Shropshire

After more than a decade of planning, change is finally tangible along Hyde Park's East 53rd Street corridor. Buildings have been renovated, a few restaurants have opened, and a site has been cleared for a hotel and 12-story office tower to be built on land owned by the University of Chicago ...

... "There is not a set formula, but wouldn't shock me if rents went up in the immediate area next to the project up to 20 percent," said David Metrick, a senior managing director at Studley, a commercial real estate firm. Metric said rents in the new project could be in the upper $20s to mid-$30s per square foot depending on the size of the space and the financing of the project ...

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