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Hyde Park is home of the prestigious University of Chicago and the Museum of Science and Industry. This once prosperous hotel and lakeside resort area on Chicago's south side is quickly returning to its former glory with new residential development and scenic waterfront landscapes. The breathtaking sliver of shoreline along Lake Michigan is usually speckled with walkers, joggers, bikers and stroller-pushers, while the museum grounds teem with visitors from around the world. The rest of Hyde Park accommodates residents and students with a diverse mix of restaurants, bookshops, historic landmarks and several seasonal events, bike tours and neighborhood street festivals. Throughout Hyde Park are stunning vintage buildings and treasured architectural gems, some designed by famous architects such as Frank Lloyd Wright and Mies van der Rohe.
Dubbed as 'Hot Hyde Park' by the Chicago Sun-Times and listed as a Money Magazine's 'top neighborhood' in 2002, this once suburban area has made a name for itself as a desirable place to settle down and purchase a home.
The pairing of green space and culture in Hyde Park is a utopian existence for any big city dweller. It has a low crime rate and top-notch schools, making it attractive for families and soon-to-be parents who are looking for a new home. Hyde Park's continued upswing has created a huge demand for new development and rehabbed housing for the busy single working adult, as well as the recently retired and starter family. The price of property in the Hyde Park neighborhood, although rising steadily, is considerably lower than homes north of the Loop. You get more for your money, in terms of space, and all the modern amenities of a 21st century lifestyle when it comes to Hyde Park real estate. And you're still only six miles from downtown excitement and commerce. The Chicago Tribune published an article discussing the redevelopment of communities surrounding Hyde Park and noted that the south side has enticed many new homebuyers from the area as well as from out of state. Some of Hyde Park's most recognized residents, then and now, include Hugh Hefner, Muhammad Ali, and U.S. Senator Carol Mosley Brown. World-renowned architects such as Mies van der Rohe and Frank Lloyd Wright designed many of the buildings in the neighborhood still standing today.
Hyde Park, its name inspired by two elegant communities in New York State and London, can hold its own weight in prestige and respectability. This historical south side community of Chicago also claims bragging rights for more than 70 Nobel Prize winners associated with Hyde Park's University of Chicago.
In 1853, a young lawyer and entrepreneur by the name of Paul Cornell made his way to Chicago from New York in hopes of building a new suburban community along the shores of Lake Michigan. Cornell purchased 300 acres of empty grassland, which now comprises Hyde Park neighborhood. He managed to convince businessmen and their families to move to the area, opened a hotel, and eventually Cornell negotiated for a rail depot at 53rd Street to attract more visitors to his hotel called the Hyde Park House. Cornell's hotel was the social epicenter of the neighborhood and it drew in well-to-do guests like First Lady Mary Todd Lincoln, before it burned in a fire in 1879. Another hotel was built in its place in 1917, called the Hampton House, now a condominium building. In 1889, Hyde Park was officially annexed to Chicago, which launched the early stages of construction for the Columbian Exposition in the neighborhood's lakefront Jackson Park. The community experienced radical growth as people who were working on the fair moved to the area. As plans for the Exposition went forward, the development of the University of Chicago, which was founded in 1890, were also underway. Between 1930 and 1950 Hyde Park's population reached a staggering number of 55,000 residents, up from 15,000 in 1880.
In general, the south side suffered an economic decline that began as early as World War I, but in the 1960s the largest urban renewal project in the nation was born. It was sponsored by the University of Chicago, and organized by the Hyde Park-Kenwood Community Conference. Its goal was to create an 'interracial community of high standards,' and as a result of this project, Hyde Park's average income increased by 70 percent. The project successfully minimized the economic disparity between its white and black residents by offering more employment and affordable home-ownership opportunities to its middle-class African American community members.
As Chicago neighborhood experts, Dream Town has successfully sold properties in Hyde Park. Dream Town holds a well-earned reputation for its impressive sales volume and dedication to personal, attentive service. Benefit from the Dream Town advantage when selling your Hyde Park home. Utilizing state-of-the-art technology, Dream Town drives more sales than any other Chicago brokerage.
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