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West Loop Developments Cause The Need To Serve A Variety Of Audiences
We are still seeing about as many homes go under contract as come to the market over the course of a month, keeping inventory levels very low. It's no wonder the West Loop has been one of the most desirable neighborhoods for the past few years. Its proximity to the Loop, attractiveness to company headquarters, and established restaurant row along Randolph street make it a great walkable community whether you are going to work or a night out.
While Harpo Studios has been replaced by McDonald's headquarters some might say Oprah's studio was a catalyst in making the neighborhood as we know it today. Oprah's show started filming at the location in 1989. Only a few years later in 1991 restaurants began popping up along Randolph street. Opening in 1992, Wishbone was one of the pioneering restaurants in the neighborhood and today one of the longest running. It's hard to estimate how many restaurants are in the West Loop, approximately 28 new ones opened just last year.
Just as we've seen with housing a high demand drives up prices. As a result, it was announced this past week that Wishbone will be relocating. While they will still be in the neighborhood pricing is the driving factor. It's been reported that their rent would have increased from $44/sf to $70/sf and the owner, Joel Nickson, was quoted as saying, "I could not see doing the things I would need to do to pay more such as more bar, later nights, higher prices and whatever other hoops I would have to jump through to make a profit. This just isn't in our DNA as an affordable eatery."
To his point some neighbors have voiced the opinion that the neighborhood needs to strengthen relationships with local schools and parks to the benefit of families. As the West Loop develops we will come to find a multi-faceted community of people who have lived there for decades, people who are new to the city, and a balance of amenities and entertainment to cater to a wide variety of lifestyles.
A licensed real estate broker associate since 2005 Molly Heyen also has expertise in account management and marketing. She's an entrepreneurial, self-starter with honed communication and negotiation s....
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The spring market in the Loop is going strong with more homes on the market since last month and more sales! Developers are still showing confidence in building up this neighborhood. Related Midwest