“If you see something that you like, make an offer and tie up the property, because it might not be there tomorrow,” said Chicago real estate agent Nicole Haley of the city’s West Loop neighborhood.
For Chicago old-timers, Haley’s statement indicates a huge shift. The West Loop was once a partially abandoned industrial district referred to by residents as Skid Row, lined with meatpacking plants, dive hotels, and boarded up buildings.
So how did this once desolate Chicago neighborhood become the hottest home buyer’s market in town? The answer, in part, is Oprah. The media titan moved Harpo Studios to West Town in 1990, and though the studio has since closed, major companies like Twitter and Google, new local businesses, and a surge of new residents have followed Oprah’s lead.
Let’s take a closer look at the changes in the West Loop that are drawing in homebuyers in droves.
1. Your Neighbors Are Google And Twitter
High profile tech companies are flocking to the West Loop just as quickly as new residents. In 2013 Google started grabbing up office space in The West Loop, and in 2014 Twitter followed suit, announcing they would be buying additional offices in the West Loop to accommodate growth.
But Google and Twitter aren’t the only tech companies drawn to the neighborhood. Uber Technologies, Rise Interactive, Fieldglass, and Signal have also set up shop in the area.
The large tech industry presence is drawing young professional home buyers, creating a larger demand for local businesses and growing the local economy of West Loop.
2. You Can Try A New Restaurant Every Night
Randolph Street is so packed with local eateries it’s earned the nickname Restaurant Row, and longtime local favorites in Greektown, one of the West Loop’s micro-neighborhoods, continue to serve flavorful dishes to residents across the city.
“It would take you a month or two to go through all the restaurants,” said Haley. She’s not exaggerating. Potential homebuyers looking for a taste of the West Loop should hit up a few local spots first.
Girl and the Goat is one of Restaurant Row’s most popular establishments, serving up globally influenced foods, creative cocktails, and local Chicago beers in a chic industrial setting.
The Parthenon, a citywide favorite, is always packed with customers seeking out flavorful, authentic Greek dishes in a lively atmosphere.
City Winery, a top pick for evening diners, makes wines on site in an exposed barrel room, and serves perfectly paired Mediterranean inspired dishes in their open dining area or the inviting outdoor patio.
3. And The Nightlife Will Keep You Up Until Dawn
Present day West Loop’s flourishing nightlife creates a stark contrast to the neighborhood’s old nickname “the land of the living dead.” Upscale bars and lounges now fill the streets with life and activity.
The aforementioned City Winery hosts live music and literary events. The Aviary, an upscale lounge on Fulton Market, serves high quality cocktails and small bites in a cozy, refined atmosphere, while Richard’s Bar remains a favorite of the neighborhood dive bar set.
4. You’ll Always Have A Go-To For A Classy Night Out
“There are dozens of art galleries,” said Haley. And those galleries are as diverse as they are plentiful.
Serious and armchair art collectors alike can take their pick of a variety of styles, from folk art to minimalism, abstract expressionism to contemporary photography, at popular spots like the McCormick Gallery, Primitive, or the Chicago Artists Coalition. The first annual West Loop Art Festival will be held in August of 2015.
The live music venue, Bottom Lounge, hosts national and local musicians, and Pitchfork Music Festival celebrates independent musicians annually in Union Park.
5. You Can Let Your Fashionista Flag Fly
Big tech companies aren’t the only businesses moving into the West Loop. Local designers and entrepreneurs are also opening up shop, bringing unique boutiques and specialty stores to the area.
From high-end hand tailored suit maker, Oxxford Clothes, to trendy women’s clothing boutique, Tribeca, there are several stylish stores in West Town geared toward fashion-forward shoppers with an eye for quality.
6. Whether It’s Industrial Or Modern, There’s A Home Sweet Home For Everyone
One major selling point for West Loop homebuyers is the unique combination of industrial architecture and luxury condo amenities. The West Loop’s meat packing plants may have been outsourced, but the unique building style remains.
“As companies moved out, warehouses were converted to sunny airy spaces with lots of natural light and large windows. Most units have 11 foot ceilings,” said Haley.
Local Movoto real estate agent Mike Ryan recently found a quintessential West Loop gem for clients, a “two bedroom two bath loft with exposed brick and timber, in the heart of everything,” although he said such finds are “like a needle in a hay stack” in the West Loop’s competitive market.
These unique architectural traits are an incentive for many home buyers, but if you’re looking for a more modern luxury condo, Movoto real estate agent Juan Soto has some good news: “There’s big development going on in that area. When properties come onto the market, investors buy in cash to redo them from top to bottom or knock them down and make a brand new building.”
7. You’ll Never Need To Stress About Commuting Again
West Loop residents are well connected to the rest of Chicago, with access to multiple L stations on the green, pink, and blue lines. Several bus lines also serve the area, including the #20 bus that takes commuters directly to the Loop.
Chicago’s Ogilvie Transportation Center is conveniently located on the east side of West Town, with access to Chicago’s suburbs via Metra trains.
Ryan recommends the neighborhood to cyclists who want the option to bike downtown.
8. You’ll Actually Know (And Like) Your Neighbors
“There’s a special eclectic nature, a rough gritty feel, an energetic vibe,” said Haley. Regular community events, street fairs, and festivals bring that eclectic, energetic community of the West Loop together.
A regular community event, Randolph Street Market Festival plays host to the Chicago Antique Market, Indie Designer Market, Modern Vintage Chicago, and Holiday Market on the last Saturday and Sunday of the month.
The West Loop is also home to a number of annual events, like the West Loop Craft Beer Fest, where attendees can try their fill of local craft brews. Taste of Randolph Street celebrates the neighborhood’s thriving restaurant scene with a three-day festival of food and big name bands like Dinosaur Jr., The Dandy Warhols, and Best Coast.
9. The Future Looks Bright For Everyone
Up-and-coming isn’t quite the right word for the West Loop. With thriving restaurants, nightlife, and entertainment drawing in new homebuyers en masse, it’s fair to say the West Loop is already there.
But that doesn’t mean there isn’t still room to grow. “There’s a lot of construction going on right now. All these businesses are coming in there,” said Haley.
Though most West Loop homebuyers are young professionals in their 20s and 30s, developers are paying attention to how their lifestyles might change. Several are currently building condos, which might fill the unmet demand for bigger, family-sized units as young West Loop residents look toward their future.
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