The City of Chicago broke ground Tuesday on the Bloomingdale Trail, or the 606 to use the combined name for the elevated trail and its five access parks, fulfilling a promise and long-term planning process that dates back years.

Walsh Construction Company won the $53.7 million contract, which city officials told the Sun-Times was $5.2 million lower than the closest competition. The city plans to use $50 million in federal money to pay for construction.

Mayor Rahm Emanuel’s office said the trail is being built in phases, and “will be open end-to-end in Fall 2014, with additional construction phases continuing to embellish landscaping and other amenities.” The 2.7-mile abandoned freight rail viaduct runs through several West Side neighborhoods, many of which have brought together community groups to help plan for the project.

Meanwhile Chicago Magazine’s Dennis Rodkin answers a question in his column about investing in real estate along The 606. The neighborhoods—Noble Square, Bucktown, Humboldt Park, Wicker Park, and Logan Square—have always been good places to invest, and the 606’s route is “icing on the cake,” he says. “Also, you may be coming at this late. Real estate developers have had their eye on the potential of the Bloomingdale Trail for several years.”