A True Live-Work-Play Destination

Anthony Campagni, vice president of RKF.

CHICAGO—In celebration of all things retail, thanks to the big ICSC RECon event in Las Vegas, we caught up with Anthony Campagni , vice president of RKF , who penned the following commentary on Fulton Market District. Like Manhattan’s Meatpacking District and Downtown Los Angeles’ Arts District, he says that Chicago’s Fulton Market District has evolved from an ‘up-and-coming’ neighborhood with a handful of well-known restaurants into a true live-work-play destination. “And it shows no signs of slowing down,” he says. The views expressed in the commentary below are the author’s own. Fulton Market has been reimagined, becoming nationally recognized as a fashionable, trend-setting urban neighborhood, drawing world-leading tech companies and creative marketing agencies, James Beard Award-winning restaurants, and acclaimed nightlife. Anchored by Google’s new headquarters at 1000 West Fulton Market and the new WeWork flagship office at 220 North Green Street, the neighborhood is becoming increasingly desirable, mainly due to significant capital improvements planned by the new owners of existing industrial buildings. RKF has been selected by Madison Capital and ASB Real Estate Investments as the exclusive leasing agent for approximately 97,000 square feet of prime retail space in four of these unique and historic properties in the Fulton Market District. With the continued growth of the area’s residential and office sectors, as well as the entry of luxury lifestyle hotels, it was only a matter of time before national retailers and additional local boutique stores enter the market. Just this past week, Free People announced that it will open a location at 1101 W. Randolph Street—the first national multi-store retailer to commit to a long-term lease in the Fulton Market District. North Michigan Avenue – Redevelopment and Retail Move South We’re seeing an expansion of Chicago’s most popular shopping corridor, North Michigan Avenue, southward towards Millennium Park. The top-performing Nordstrom in the United States anchors The Shops at North Bridge, and Macerich’s expansion plans open up incredible new opportunities for mixed-use development. Major retailers are making commitments to open along the river, shifting the boundaries of what had formerly been considered the “end zone” of the primary shopping area to the now “50-yard line.” In time, we expect the neighborhood to continue evolving along with visitors’ changing preferences. Travelers have several new modern, boutique lifestyle hotels to choose from, such as the Chicago Athletic Association Hotel, Virgin Hotel and the LondonHouse Hotel, opening at the end of the month. Global lifestyle brands are in talks to open game-changing locations on the north side of the river, and we anticipate that this will drive retail activity to the surrounding blocks, such as the proposed redevelopment of Chicago’s iconic Tribune Tower. With new dining and retail moving south, what was once considered the outskirts of this retail stretch will soon become the very heart of the neighborhood. Millennium Park – Tourism and Residential Development Driving Retail Millennium Park is the second-most-visited tourist destination in Illinois, with more than 5 million visitors per year—and its impact on the surrounding retail market cannot be ignored. We’re seeing tremendous development and redevelopment of retail and mixed-use projects where retail is a significant component. A growing residential population and visitors who come to enjoy the park’s year-round activities will drive demand for better retail offerings, including food markets, fitness facilities, full-serve and quick-serve restaurants and experiential retail services. The stretch of North Michigan Avenue between the Chicago River and Roosevelt Road has become one of Chicago’s most vibrant and high profile submarkets, with several new residential and hotel projects in development alongside such cultural landmarks as The Art Institute of Chicago, Millennium Park and Grant Park. There is simply no understating this neighborhood’s importance to the continued commercial real estate development across the city.