South Side, Chicago - Economic Development

Economic Development

Private sector redevelopment is occurring rapidly. Neighborhood rehabilitation (and, in some cases, gentrification) can also be seen in parts of Washington Park, Woodlawn (#42) and Bronzeville, as well as in Bridgeport and McKinley Park. Historic Pullman's redevelopment is another example of a work in progress. Chinatown is located on the South Side and has seen a surge in growth. It has become an increasingly popular destination for both tourists and locals alike and is a cornerstone of the city's Chinese community. The South Loop's booming 2000s mid-decade construction suggests that the South Side will be populated with more Caucasians in the coming years. The South Side offers many outdoor amenities, such as miles of public lakefront parks and beaches, as it borders Lake Michigan on its eastern side.

Today's South Side is mostly a combination of the former Hyde Park and Lake Townships. Within these townships many had made speculative bets on future prosperity. Much of the South Side evolved from these speculative investments. Stephen A. Douglas, Paul Cornell, George Pullman and various business entities developed South Chicago real estate. The Pullman District, a former company town, Hyde Park Township, various platted communities and subdivisions were the results of such efforts.

The Union Stock Yards, which were once located in the New City community area (#61), at one point employed 25,000 people and produced 82 percent of US domestic meat production. They were so synonymous with the city that for over a century they were part of the lyrics of Frank Sinatra's "My Kind of Town", in the phrase: "The Union Stock Yard, Chicago is ..." The Union Stock Yard Gate marking the old entrance to stockyards was designated a Chicago Landmark on February 24, 1972, and a National Historic Landmark on May 29, 1981.

Other South Side regions have been known for great wealth, such as Prairie Avenue. 21st century redevelopment includes One Museum Park and One Museum Park West.

The South Side accommodates much of the city's conference business with various convention centers. The current McCormick Place Convention Center is the largest convention center in the U.S. and the third largest in the world. Previously, the South Side hosted conventions at the Chicago Coliseum and the International Amphitheatre. The Ford City Mall and the surrounding shopping district includes several big-box retailers.