South Loop Scoop
So, things are tough out there in the real estate business, but don’t fret — the market will return, and faster than you think, and the South Loop will lead the way!
Why the South Loop?
Well first of all, location. The growth of this market was fueled by the neighborhood’s proximity to the lake, the Loop and transportation. Public amenities abound here and include Grant Park, Millennium Park, the Museum Campus, public transportation and beautiful landscaping everywhere. The investment in the area by City Hall over the past decade has been remarkable and has spurred an unprecedented amount of private investment over the past 15 years. I can easily say that the South Loop is the most desirable neighborhood in the City (ok, I am biased but a believer!).
Second, services. We have the three main food groups – Jewel, Dominick’s and Whole Foods; some of the best restaurants in town including breakfast joints (Bongo Room, 11thStreet Deli, Yoke), Italian (Gioco, Café Biondi), Hispanic (Tapas Valencia, Zapatista and Quatro), Chinese (Yang’s, Opera and Chinatown is walking distance). At night the buzz continues – Quatro turns into a hoppin dance club and celebrities often frequent The Shrine on South Wabash. Live Entertainment happens at Buddy Guys, The Jazz Showcase, and others. The boutiques are coming with Entourage on Michigan Avenue and five health clubs are here (Bally’s LA Fitness, Fitness Formula, Xport, and LA Boxing). All of this because several thousand units are built and occupied – as they say, build it and the retailers will come!
Third land. The area is zoned for high density development and big buildings will be built when the market rebounds. There remains 60 acres of undeveloped land south of Roosevelt, west of Clark Street, north of 18thStreet. The land east of Central Station over the railroad tracks is also planned for three million square feet of residential, commercial and hotels. Finally, there are still many infill development sites located between Congress, Cermak, the Lakefront and the Chicago River that will get developed in the next cycle. When this occurs, demand and values will increase.
Since our first development Filmworks Lofts in 1994, Frankel & Giles has focused on the South Loop. We are physically located in the heart of our neighborhood in our trophy development Dearborn Tower at 1530 S State Street. We are true insiders and know this neighborhood better that anyone. We understand values including new construction, renovations, rentals, retail and development. We know the good buildings, the poor ones, the tough ones to sell and the easier ones.
Our agents are committed to working harder and providing you the best, most professional real estate services in the City. We look forward to working with you!
Keith Giles
Managing Broker & Principal
