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Loop Economic Study & Impact Report

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FEBRUARY, 2011 LOOP ECONOMIC STUDY & IMPACT REPORT ® NORTH AVE. www.chicagoloopalliance.com CHICAGO LOOP ALLIANCE (CLA), a DIVISION ST. Oak Street member-based business organization that Beach represents Chicago’s most dynamic mixed- use district, released a Loop Economic Study in 2006. This important document revealed WELLS ST. significant statistics regarding tourism, CHICAGO AVE. business, residential, higher education, entertainment and culture, retail, and Olive CHICAGO Beach transportation sectors that told the story of a vibrant region ripe for 24/7 livability. In the CENTRAL AREA five years that have passed, the Loop has experienced incredible growth – and withstood NORTH WATER ST. difficult economic times – making it relevant to WACKER DR. N DuSable re-address the Loop data. LAKE ST. HarborW E COLUMBUS DR. S RANDOLPH ST. And so we present an update – the Loop WASHINGTON ST. CHICAGO MADISON ST. Economic Study and Impact Report AVE. ASHLAND 90 DR. WACKER FRANKLIN ST. LOOP MONROE ST. commissioned by CLA and conducted by L 94 a ADAMS ST. Chicago-based Goodman Williams Group Monroe k Harbor e JACKSON BLVD. Real Estate Research. A combination of both M VANBUREN ST. original economic data as well as relevant AVE. MICHIGAN Buckingham EISENHOWER EXPRESSWAY Fountain i 290 CONGRESS PARKWAY c information provided by third-party sources, h i the Loop Economic Study and Impact Report LAKE SHORE DRIVE g a demonstrates the continued diversity, vibrancy n and centrality of the Loop. HALSTED ST. We intend for this report to serve as a critical, comprehensive source for information about economic sectors that impact the vibrancy of the Loop and expect it will serve as an 12th Street Beach invaluable tool in attracting new businesses to Burnham the area. Harbor CLA will maintain the study as a “living report” that will be updated as new information 18TH ST. becomes available. Visit chicagoloopalliance.com for updates. We hope you find the results inspiring and N valuable. W E Ty Tabing S 55 Executive Director, Chicago Loop Alliance 55 1 www.chicagoloopalliance.com 1. RESIDENTIAL $150k Median Disposable Income MARKET IN THE LOOP Median Household Income Mean Household Income $120k Population Growth Per Capita Income $139,976 New condominiums, rental apartments, and Source: ESRI Business Analyst student residences have nearly tripled the $90k Loop’s residential population in the last ten years. The Loop’s 2000 Census population of $108,328 7,056 grew to an estimated 20,280 in 2010. $87,436 $60k $84,463 $82,064 200 $72,767 $68,222 $67,397 196% $66,632 $63,197 $30,495 $56,244 187% $30k $25,083 $52,169 175 $51,722 $41,095 150 0 Loop Central Area City of Chicago Chicago Metro Area 125 100 2000 Census Loop Central Area Population 7,056 111,742 75 Households 3,968 66,387 66% 68% New Housing Added 2000-2010 50 Housing Units 8,170 47,647 Student Residences 1,536 5,779 25 Estimated 2000-2010 Growth 1 Rate of Population Growth from 2000 to 2010 (%) 2010 2000 to from Growth of Population Rate Population from New Housing Units 11,765 68,612 0 Group Plan; Goodman Williams Area Chicago Central 2000 Census; Sources: 2 Loop Central Loop Central Population from New Dorm Beds 1,459 5,490 Area Area Households from New Housing Units3 7,762 45,265 Population Number of Households 2010 Population and Households Population 20,280 185,844 As this report went to press, the Chicago Tribune Households 11,730 111,652 reported that the census population of the Loop community area increased from 16,388 in 2000 2000-2010 Growth Rates to 27,001 in 2010. This area extends south to Population 187% 66% Roosevelt Road in the South Loop, making it larger Households 196% 68% than the Central Loop area typically discussed in this report. The initial census data reflect the 1 Assumes 1.6 persons per unit and 90% occupancy of new units Sources: 2000 Census; Chicago Central Area Plan; Goodman Williams residential growth described in this report. 2 Assumes 95% occupancy of dorm beds 3 Assumes 1.6 persons per unit Residential Market in the Loop 2 www.chicagoloopalliance.com KINZIE STREET The population of Chicago’s Central Area expanded from 111,742 reported in the WACKER DRIVE LASALLE STREET 4 7 2000 Census to an estimated 185,844 in WACKER DRIVE 24 23 2010. The Loop grew at a faster rate than 1 25 9 CLINTON STREET CANAL STREET The Park 2 the Central Area, increasing its share of the 26 18 Chicagoat Lakeshore River Central Area population from 6.3% to 10.9%. LAKE STREET East 30 11 11 LAKE SHORE DRIVE COLUMBUS DRIVE 28 32 5 6 Residential Development RANDOLPH STREET RANDOLPH STREET 3 Development over the last decade brought 15 13 housing to locations throughout the Loop WASHINGTON STREET www.okrentassociates.com map by: 27 35 Daley and broadened the product choices for both 17 Bicentennial 16 22 Plaza buyers and renters. In the last ten years, MADISON STREET 8,170 new units have been completed in the 31 10 Millennium Loop. 19 14 Park MONROE STREET MONROE STREET New projects in locations along the Michigan 21 WACKER DRIVE WACKER Grant and Wabash corridors provide views of ADAMS STREET Park Millennium Park and take advantage of the vitality along State Street. Adaptive reuse JACKSON BOULEVARD JACKSON BOULEVARD 20 development, representing 28% of new 29 12 units in the Loop, gave new life to historic VAN BUREN STREET 8 34 buildings by prominent architects including 36 33 37 Daniel Burnham and Howard Van Doren Shaw, CONGRESS PARKWAY among others. Randolph Tower is the newest Buckingham Lake adaptive reuse development, converting the Fountain COLUMBUS DRIVE HARRISON STREET LAKE SHORE DRIVE Michigan 45 story neo-gothic office building into 313 apartment units; it is expected to open in the WELLS STREET CLARK STREET DEARBORN STREET STATE STREET STATE AVENUE WABASH MICHIGAN AVENUE FRANKLIN ST. BALBO STREET first quarter of 2012. New Condominiums: 3,559 Units New Apartments: 2,350 Units 1. Park Millennium 2002 480 units 23. The Shoreham at Lakeshore East 2005 548 units 2. The Lancaster at Lakeshore East 2004 209 units 24. Tides at Lakeshore East 2008 608 units 3. The Heritage at Millennium Park 2005 356 units 25. Aqua at Lakeshore East 2009 North476 units 4. The Regatta at Lakeshore East 2006 324 units 26. 200 Squared 2010 329 units Adaptive 5. The Residences at Joffery Tower 2007 186 units 27. 215 West Washington 2010 389 units New Reuse 6. 340 On The Park 2007 344 units Construction Condominium 7. The Chandler at Lakeshore East 2007 304 units Adaptive Reuse Apartments: 376 Units Apartment 8. 235 Van Buren 2009 714 units 23% 9. Aqua at Lakeshore East 2009 263 units 28. Randolph Tower City Apartments 2012 313 units 29% 10. The Legacy at Millennium Park 2010 355 units 29. Fisher Building Apartments 2000 184 units 11. Parkhomes at Lakeshore East 2010 24 units 30. MDA City Apartments 2005 192 units 5% Adaptive Reuse Condominiums: 1,885 Units Student Housing: 2,411 Beds 12. Residences at 330 South Michigan 2000 78 units 31. School of the Art Institute 1997 195 beds New 13. Concord City Centre 2000 214 units 32. School of the Art Institute 2000 550 beds Construction 14. Mentor Building Residences 2001 50 units 33. Columbia College 2000 110 beds Condominium 15. City Center Club 2001 183 units 34. The Buckingham 2007 456 beds Adaptive 16. 5 North Wabash 2003 90 units 35. Fornelli Hall 2008 420 beds 43% Reuse 17. Millennium Lofts 2004 106 units 36. Plymouth Building 2011 80 beds Apartment 18. Century Tower 2004 293 units 37. Roosevelt University Wabash Building 2012 600 beds 19. Metropolis 2006 168 units 20. Metropolitan Tower 2007 242 units 21. The Park Monroe 2008 341 units 22. Six North Michigan 2010 120 units Residential Units Added From 2000-2010 Source: City of Chicago Development Database 3 Residential Market in the Loop Loop Residential Units Added From 2000-2010 Residential Units Added From 2000-2010 Source: City of Chicago Development Databse www.chicagoloopalliance.com Condominium Market Student Housing 476 rental apartments as well as 263 Despite the dismal housing market in 65,500 students attend classes in the area condominiums and 215 hotel rooms. Two 2010, Loop condominiums experienced described as Chicago’s Loop/South Loop new construction rental projects that recently a 14% median price increase from 2009. Campus. Existing and under-construction came to market, 210 North Wells and 215 Condominiums in the Loop sold through projects provide housing in the Loop for West Washington, are located in the heart Realtors in 2010 had a median price higher 2,411 of those students.1 of the Loop where luxury rental apartments than the Near North Side, Lincoln Park, and have not been available in the past. other areas around the downtown. The School of the Art Institute was the first to discover the appeal of the Loop Two historic buildings, one designed by Daniel Burnham and another by his son, Existing Condo/Townhome Sale Price to a creative student body. Most of the were adapted for rental apartments. The Increase from 2005 to 2010 (%) student housing developments that followed, including the 1,700-bed University Fisher Building and the Medical and Dental Center located within a block of the Loop, Arts Building brought a total of 376 loft accommodate students from multiple apartments to the Loop. Loop 25% schools. Net effective rents and occupancy rates for 9% Lincoln Park Rent Trends Class A apartments in downtown Chicago Rental apartments have been one of the have remained strong during the economic downturn.
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