In 1871,a massive fire in Downtown Chicago wiped out many of the city’s most cherished buildings and homes,forcing parts of the city to start all over with building out a city that could be used for generations to come. The Great Chicago Fire defined the city,and that area has lived in infamy since. But just a few blocks from where this fire began more than 100 years ago is the site of a new construction boom.
In The Loop neighborhood in Chicago,the southwest section has long felt like a bit of a dead-zone,with many tenants deciding to live in other areas of the Loop instead. But over the past year or so,many people have been flocking to the area,dumping nearly $2 billion into the area for redevelopment projects and various other business ventures. The site is located near Chicago’s famous Willis Tower,Union Station and the Old Post Office.
In just the last seven months,more than 1,000,000 square-feet have been leased in the area,with plenty more contracts still waiting to be signed as the expansion continues. Many residents who live in nearby complexes like AMLI and other business apartments will start to see some new neighbors in The Loop,but that’s not necessarily a bad things. In fact,it’s a great thing.
Many of the biggest investments into Chicago in the past decade have gone to the West Loop or other areas,but with this revitalization,many in the area are going to see many new places to eat,see and drink where they live.
“This is a resurgence of that part of the Loop,” Ari Klein a veteran tenant rep at Cushman & Wakefield,said to a local Chicago publication. “What’s old is new again,and that’s really cool to see.”