Back in the 1980s, Hyde Park in Illinois looked a little run down. The housing stock was a series of single family homes and brownstones that looked old and battered. Flash forward to November 2014 (my last trip to Hyde Park) and tremendous reinvestment has taken place making this area look a lot better. Much of this investment must be tied to falling crime, and improvements in local quality of life and the increased vibrancy of the University of Chicago. As reported in this article , the University of Chicago hopes that the future President Obama library will open up nearby;
"The University of Chicago has suggested two possible locations: in Washington Park, a 380-acre space designed by Frederick Law Olmsted, where surrounding neighborhoods could use the economic boost a sparkling new library would bring. The second location, Jackson Park, on the South Side lakefront, has considerable support."
Here is a map showing both locations. Washington Park is just West of the University of Chicago close to its main Hospital. Jackson Park is just East of the campus.
When I was a student at UC from 1988 to 1993, we were discouraged from going to Washington Park. We were told that it was a "tough part" of town and I never even walked there even though I lived for two years at 55th and Drexel.
I can imagine that the creation of the Obama Library at either of those locations will gentrify the local area and create a larger footprint and connectivity of the UC campus as a whole. In terms of urban economics, I'm confused about what is the "multiplier effect" from attracting a Presidential Library? In this Internet age, will historians show up to look at documents there? Will South Korean tourists show up to go to the Museum feature of the Library? Will fancy restaurants pop up nearby?
Chicago's South side always appeared to have a lot of land and buildings were not high. What activities in terms of businesses and people will cluster near the new library? I could imagine that high end housing nearby would be attractive for young doctors at the UC hospital who work the night shift.
In terms of real estate investment, should investors be buying properties close to the Washington Park site where the Library will be built?
Here is the Ronald Reagan Library. You judge what the multiplier effect for Hyde Park will be.