From a new streetscape in Fulton Market to new hospitals and bank towers, the West Loop and Near West Side real estate market is changing. Find out the hot new restaurant openings and where new green space is popping up in the West Loop area. Stay on top of the latest real estate news and learn how it affects home pricing.
Here’s the top 5 West Loop and Near West Side real estate market updates:
1) Opportunity Zones Boost Chicago West Loop Real Estate
West Loop and Near West Side real estate is booming due to opportunity zones. What are opportunity zones? An opportunity zone is an area on the map that is identified as distressed by the city of Chicago. The city then provides tax breaks for real estate investors at these sites. The state issued map illustrates vacant land or buildings with huge opportunities for the West Loop and Near West Side area. One zone stretches from Fulton Market to the new Damen + Lake CTA Green Line station. Another is the UIC/Medical district from Racine Ave at University Village to Douglas Park. The Kinzie Industrial Corridor will see a huge improvement and real estate boom. There’s a race to gain billions in federal money to boost redevelopment in these areas, making them very appealing for residential living as well.
2) Illinois Medical District Development Timeline Update
Cook County Hospital in Medical District Lands $1 Billion
Rush Hospital
A new $135 million section will be added to Rush’s Near West Side location in the Medical District.
The Cook County hospital is getting a makeover after 16 years of vacancy. The city is pouring $1 billion into improving this Near West Side/Medical District resource. The hospital will bring many new jobs and attract residential real estate development.
$135 Million To West Loop Redevelopment=Real Estate Opportunity
The Civic Health Development Group has secured $135 million to redevelop the old Cook County Hospital which will blend into a $1 billion West Loop real estate project to include restaurants, residential real estate, hotels, medical offices, and many more real estate opportunities in the near future.
Near West Side New Hospital Branch Puts Medical District On Map
Rush Hospital was approved for $473 million to fund a 530,000 square foot cancer and neurological building, propelling Chicago as a leader in medical research and care. The building will be 11 stories high and will connect to the existing Rush building. It is projected to open in 2022.
3) BMO Builds A Huge West Loop Tower With Green Space
A new 50 Story Tower for state of the art banking will be built in the West Loop. BMO Financial has plans to build a 14 floor, 700 foot tall building that will house 3,600 jobs. It’s not all banking and numbers; the bank will also provide 1.5 acres of public parks around the building so you can have that much needed green space for Fido.
4) What’s New To Eat In The West Loop
It’s an amazing time for restaurant real estate in the West Loop. Stephanie Izard of signature restaurant Girl & The Goat is opening a new rooftop Peruvian restaurant. A darling Vaudeville style cocktail lounge opened called, yes, “The Darling”. And find out what tasty Chicago staple is replacing Harold’s Chicken Shack on Washington Blvd.
West Loop Star Stephanie Izard Opens Peruvian Rooftop
Girl & The Goat
Top Chef Winner Stephanie Izard’s signature spot with gourmet eats like “Pig Face”.
Stephanie Izard of Girl & The Goat and Fulton Market Duck Duck Goat restaurants will open a new restaurant entitled “Cabra” or goat. The Top Chef winner will theme Cabra with delicious Peruvian food no doubt putting her own spin on this tasty traditional food. There’s a ton of top West Loop real estate for sale for restaurants and residential. Live where the foodie hot spots and top companies are moving.
Izard’s Cabra Peruvian Restaurant Opening Soon
Cabra does not have an official opening date but the anticipation and your hunger can be curved by visiting Izard’s other restaurants in the West Loop area. Izard is committed to the integrity of the history of the food she creates and ultimately make it to the menu. That is why she is taking a trip to Peru to study and culture and food and how to translate it flawlessly to a Chicago audience.
The Cabra Rooftop Location Has Great Views
The rooftop restaurant atop the Huxton Hotel at 200 N Green St will be an excellent complement to the West Loop neighborhood. If Cabra is anything like Izard’s other Chicago restaurants, expect exceptional quality and a great experience. In fact, the success of Girl & The Goat has been so popular that it attracted the attention of one of the top restaurant groups, the Boka Restaurant Group. Izard will be opening a Girl & The Goat in Los Angeles.
Girl & The Goat Named Top 100
According to OpenTable.com which is based on diners not food critics, Girl & The Goat has made the list of the top 100 restaurants in the entire U.S. The signature dish is the “Pig Face”, a deliciously savory pig cheek dish topped with a fresh, runny egg. Dishes are influenced by seasonal ingredients.
Dining Tip: Try booking the one of the two chef’s tables for special occasions or to elevate your night and watch the kitchen perform their magic for dinner and a show. If you don’t have a reservation, don’t worry they do take walk ins but go early or late for the best chance to snag a bite. And if all else fails, cross the street and grab a diner snack and milkshake done right at Little Goat.
West Loop Real Estate Brings Vaudeville Entertainment
If cocktails are more of your jam, head over to The Darling in the West Loop on Randolph Street’s restaurant row. Located at 905 W Randolph St, the 2 story bar will feature old timey acts and live musicians, drag queens, magicians, dancers, and drum lines. Expect a 2 for 1 cocktail and art experience here.
The Darling Of The West Loop
A darling Vaudeville themed bar with top cocktails, luxury interior and a secret entrance.
Secret Entrances Add To The 1920s Theme
Yes, you will pass through some unique real estate as you pass through a flower shop as the secret entrance and transition into a different world filled with rich fabrics and textures. The Vaudeville theme hits every corner with tasty cocktails to match. New property for sale has attracted companies such as the McDonald’s headquarters to move into West Loop real estate.
Come For The Cocktails, Stay For The Food
The Darling is not just a cocktail lounge. They are a full service restaurant with generous seafood platters, saffron shrimp toast, plus exciting vegetarian dishes like roasted hearts of palm. The West Loop restaurant focuses on Spanish and German influenced foods. Even the crystal-cut glassware goes the extra mile. Just don’t expect 1920s prices. Great for a different and nice night out with friends, co-workers, or go all out for a luxurious date night.
Restaurant Row: From Harold’s Chicken To Italian Beef
Buona Beef
A classic and juicy Italian beef sandwich replaces Harold’s Chicken Shack in The West Loop.
That’s right, restaurant row is changing and West Loop real estate and the surrounding area is extremely popular for both restaurants and residential living. The classic Harold’s Chicken Shack fried chicken joint is being replaced by Buona Beef. This is the third location for the Italian beef hot spot located at 804 W. Washington Boulevard.
The Architecture & Patio
A very cute 56 seat outdoor patio area will fill the sidewalks in the warmer months. The location opened November 24, 2018. The brick and black iron architecture fits right into the West Loop real estate style. As the neighborhood’s casual restaurants turn to upscale eats, it’s a sure sign that real estate is on the up.
5) Fulton Market Is Getting A 21st Century Facelift
From Halsted Ave To Carpenter St, the $20.3 million Fulton Market Streetscape Project is beautifying the neighborhood. Phase 1 is almost complete and Phase 2 will be completed by the end of 2019. The modernization has brought the area into the 21st century, adding in bike lanes, road construction, wheelchair friendly ramps, creating safe spaces for pedestrians, and updating the tech centric area. The area has a historic past which was also taken into consideration for restoration when remodeling with a nod to manufacturing and warehouses. The area was officially labeled a Chicago landmark in 2015. Have a look at full changes coming to Fulton Market here.
Fulton Market Streetscape Update Model Includes Leap Into Tech With Nod To Historical Warehouse Past
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Michael Samm | West Loop Real Estate Agent
Keller Williams Realty Chicago
312-767-7504