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South Loop Continues Growth

CHICAGO-The South Loop's Roosevelt Road corridor, from Canal Street east to Michigan Avenue, welcomes a wave of new retailers.

By Dana Dubriwny | Updated on July 19, 2005

CHICAGO-Once a lifeless strip, the South Loop’s Roosevelt Road corridor, from Canal Street east to Michigan Avenue, has turned into a hotbed of new development. In 2002, Jewel Food Store and Dominick’s had already marked their stake in the neighborhood. Walgreens, Starbucks and Target soon followed. Today, retailers can’t seem to get into the area fast enough.

“The South Loop has very strong market characteristics,” says Bill Miller, vice president with Chicago-based Appraisal Research Counselors, a real estate appraisal, research and consulting firm. “It is an absolute change in direction from small retailers to what will become explosive growth over next five years.”

The South Loop, with direct access to Lake Shore Drive and Interstates 55, 94 and 290, has become a breeding ground for residential development. In Q1, Appraisal Research Counselors estimated 37% of all condo development in the city was taking place in the South Loop. With residential development outpacing retail by a landslide, community residents have few options at this point.

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