The article takes a look at demographic trends and shows a rosy picture for the downtown core and the Sloop:
It's late afternoon on a winter weekend and the Kerasotes ShowPlace Icon movie theaters in the South Loop are packed, never mind that tickets go for as much as $17.50 a pop. The 14-screen complex is doing “very well,” says Tony Kerasotes, owner of Chicago-based Kerasotes ShowPlace Theatres LLC. With more than 1 million admissions last year, in fact, “it's the best-grossing theater in the Midwest,” he claims.
Barely a decade ago, the site at Roosevelt Road and Clark Street was a forsaken railroad yard. Today, it's part of a 1.3 million-square-foot complex of shops, restaurants and apartments. This is the new Chicago, a skyscraper-studded expanse that stretches well beyond the traditional Loop to cover 10 square miles roughly from Cermak Road to North Avenue and from the lakefront to Ashland Avenue.
First off, it's pretty interesting that Roosevelt Collection has the best-grossing theater in the Midwest. Second, this article is a great read for fans of Chicago and anyone who are interested in the future of the neighborhood.
However, it's slight strange to read such an optimistic article when many of us are still feeling the affects of the recession and housing bubble. But from the sounds of this article, things are changing and the longterm prognosis for downtown Chicago and the Sloop are looking up.
What do you think? Do you agree with this line of thought?
We've always maintained that the South Loop is well positioned for the long term given it's proximity to downtown, the lake, public transportation, Grant Park and some of the city's most treasured cultural institutions (among other things).
Anyway, if you're not up to read the whole article, this video does a good job summarizing the trends:
7 comments:
My $.02: I think it's worth at least a nickel!
While Sloop is well positioned for growth, I believe we need a few things to happen in order to realize the full potential.
First - we need to have the city population grow with more jobs, but I fear Wisconsin and Indiana will pull many of those jobs away with outstanding tax incentives for corporations.
Second - we need to get that convention center used again! The near south side is no longer a scary place to be, but we need to be more competitive with the rates in order to drive growth there.
Third - and this may sound crazy, we need to slow residential RE development! There is still a lot of ghost inventory out there with distressed property and condo owners waiting for signs of life to list their condo again. If we continue apartment development while the rental market is hot, values will stay low for a long time as we will end up with a glut of for sale and for rent property in The Sloop.
Finally - commercial RE is still needed. There are far too many empty store fronts. We have the residents, now we need the neighborhood destinations that will pull other city dwellers to the Sloop besides tourists visiting the museums and Grant Park. More places like the movie theater, Whole Foods, etc. When the neighborhood starts getting visitors from other parts of the city we will see a big influx as they will discover all Sloop has to offer!
My $.02: I think it's worth at least a nickel!
While Sloop is well positioned for growth, I believe we need a few things to happen in order to realize the full potential.
First - we need to have the city population grow with more jobs, but I fear Wisconsin and Indiana will pull many of those jobs away with outstanding tax incentives for corporations.
Second - we need to get that convention center used again! The near south side is no longer a scary place to be, but we need to be more competitive with the rates in order to drive growth there.
Third - and this may sound crazy, we need to slow residential RE development! There is still a lot of ghost inventory out there with distressed property and condo owners waiting for signs of life to list their condo again. If we continue apartment development while the rental market is hot, values will stay low for a long time as we will end up with a glut of for sale and for rent property in The Sloop.
Finally - commercial RE is still needed. There are far too many empty store fronts. We have the residents, now we need the neighborhood destinations that will pull other city dwellers to the Sloop besides tourists visiting the museums and Grant Park. More places like the movie theater, Whole Foods, etc. When the neighborhood starts getting visitors from other parts of the city we will see a big influx as they will discover all Sloop has to offer!
^ The only jobs Wisconsin and Indiana are pulling are low skilled jobs which doesn't really mean much to the Sloop as the ppl who work those jobs couldn't afford to live in the Sloop. Indiana and Wisconsin can continue to giving tax breaks to load up on low wage earners all they want but as long as Chicago continues to pull in the very talented young professionals that been relocating here, the Sloop will continue to grow and thrive.
This article is stone-cold, right-on... The sloop is gonna look a lot different in 3-5 years. I have this info on real authority from some of them cats that are in the know ya'all.
The motor row and convention center areas are going to be completely transformed within 2-4 years. I am told the much talked about tract south of Roosevelt/West of Clark will finally be developed but that is maybe 4-6 years away and that the planners are driving mixed-use retail/res. for that tract. The whole North Ave-esq transformation of Roosevelt is going to be a reality for better or for worse.
It's an exciting future for our hood in spite of what some of those trolls on here have to say about it.
It's gonna be the "good old days" for this area that have never been seen in the sloop before.
Those who like the recent 5-10 year quiet "feel" of the hood may want to consider selling/moving in the next couple of years 'cause the new reality of the area will be much different. Most will love that and will benefit from it financially...some will hate it. Oh well, can't please everyone and you can't stop development like this in such an attractive ares so close to the commercial business district.
Just IMO, this is a "buying opportunity" for real estate investors, homeowners, etc..
Sincerely,
Sir-Mix-A-Lot.
This article is stone-cold, right-on... The sloop is gonna look a lot different in 3-5 years. I have this info on real authority from some of them cats that are in the know ya'all.
The motor row and convention center areas are going to be completely transformed within 2-4 years. I am told the much talked about tract south of Roosevelt/West of Clark will finally be developed but that is maybe 4-6 years away and that the planners are driving mixed-use retail/res. for that tract. The whole North Ave-esq transformation of Roosevelt is going to be a reality for better or for worse.
It's an exciting future for our hood in spite of what some of those trolls on here have to say about it.
It's gonna be the "good old days" for this area that have never been seen in the sloop before.
Those who like the recent 5-10 year quiet "feel" of the hood may want to consider selling/moving in the next couple of years 'cause the new reality of the area will be much different. Most will love that and will benefit from it financially...some will hate it. Oh well, can't please everyone and you can't stop development like this in such an attractive ares so close to the commercial business district.
Just IMO, this is a "buying opportunity" for real estate investors, homeowners, etc..
Sincerely,
Sir-Mix-A-Lot.
Anonymous 10:07am You really think the South Loop has a shortage of commercial real estate? There are empty store fronts everywhere. Have you ever seen Roosevelt Collection? There aren't enough people to make these businesses profitable. The luxury apartment rentals are much needed in the area. The more people that live in an area, the more businesses that will open up and the more demand that there will be for people that want to live in a great neighborhood next to downtown and the lake.
The "true south loop neighborhood," from Roosevelt to Cermak, and west to the river, doesn't even have ONE Starbucks (yes, I am excluding the one in the ghetto jewel parking lot). Believe it or not, that is a very real indicator of any urban hood's standing. Go ahead and hate. You know it's an accurate statement.
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