Skip to main content
  1. Life
  2. Neighborhoods
  3. Places & Faces

Chicago real estate developments

See also

In the 1900s, Chicago became the center of operations for seven real estate associations. Local brokers were influential in establishing real estate exchanges. These organizations influenced real estate throughout the century.

The National Association of Real Estate Exchanges was founded on May 12, 1908, in the YMCA Auditorium in Chicago. There were 120 founding members, 19 boards and one state association. In 1916, it was renamed the National Association of Real Estate Boards. In that same year, the term ‘realtor’ was invented by Charles N. Chadbourn of Minneapolis and adopted by the association. In 1923, the association developed the largest library of real estate publications in the world. In 1972, it was renamed the National Association of Realtors.

The National Association of Realtors was founded to promote ethical standards in real estate. These ethical practices included not selling properties that would change racial makeup of community. These standards inspired National Housing Acts of 1949 and 1954.

In 1933, the Institute of Real Estate Management, an organization within the NAR, was founded in Chicago. This institute serves the multi-family and commercial sectors of real estate and is dedicated to ethical practices, maintaining maximum value of real estate investments and promoting education and information sharing. It is an international organization of 19,041 individuals, 580 companies, 80 domestic chapters and 13 international chapters.

Urban Renewal legislation in Chicago in the 1950s changed Chicago’s real estate market. It gave Chicago’s hospital, university and community boards the power of eminent domain. These boards authorized the clearing of areas for developments like Sandburg Village, Lake Meadows, Prairie Shores, Hyde Park A and B, and Lincoln Park I and II. Dirkson, Daley and Thompson Centers, University of Illinois at Chicago, McCormick Place and the Harold Washington Library were new public buildings that were also constructed.



  • Johnny Manziel
    Should Johnny Manziel apologize for his hard partying over the offseason?
    Today's Buzz
  • Crop circles
    Similar crop circles appeared in Germany and England within days of each other
    19 Photos
  • Advanced placement
    The AP program is gaining traction as a key component in college admissions
    5 Photos
  • Beach hats
    Beat the heat with the best summer beach hats for women
    Beach Hats
  • Expectations for ministry
    Pastor preaches to newly ordained ministers about expectations for ministry
    6 Photos
  • Medical symptoms
    See which symptoms should cause you to seek a doctor’s attention right away
    6 Photos

Related Videos:

  • Commemorating the start of World War I
    <div class="video-info" data-id="518243299" data-param-name="playList" data-provider="5min" data-url=""></div>
  • Mississippi River images
    <div class="video-info" data-id="517367515" data-param-name="playList" data-provider="5min" data-url=""></div>
  • Little Jimmy Dickens
    <div class="video-info" data-id="517891934" data-param-name="playList" data-provider="5min" data-url=""></div>