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Real Estate > Chicago
Neighborhoods > Loop |
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Loop |
The heart of the business district is the Loop, taking its name from the loop the elevated tracks make around downtown. Physically bounded between Franklin on the west, and Wabash on the east, Van Buren on the south and Lake Street on the north, the downtown area continually expands beyond these boundaries. This is the downtown area, the commercial and business heart of Chicago and lies largely south of the Chicago River. The city's rationalized street numbering system starts in the Loop at State and Madison.
During the 1950’s, just after the Second World War, the United States witnessed one of its largest suburban sprawls. Chicago's magnificent downtown--like those of other major cities--fell into decline as people fled to live in the suburbs.
Towards the end of the 20th century the downtown area began to turn around, as projects aimed at revitalizing got under way. As with other metropolitan areas around the country, Chicago's downtown is seeing a trend towards residential living. The 1996 renovation of State Street created a demand for retail, office, and residential space in the Loop. Executives are choosing to be near the office. Old office buildings are currently being renovated into luxury condominiums and hotel use. Additional structures are being turned into state-of-the-art high-tech office centers.
Increasing numbers of apartments are being developed around the fringes of the loop. Printers' Row, which extends south of Congress along Dearborn, may have started the trend in the early 1980s with its rehabbed vintage apartments and lofts. Chicago's New East Side can be considered part of Downtown. This area just east of Michigan Avenue has also had a resurgence in construction and residences are being built near Millennium Park.
The Loop is now one of the world's largest outdoor museums for contemporary art. Chicago 1967 Picasso marked the beginning of downtown Chicago becoming an open-air sculpture gallery, with hundreds of pieces spread all around the Loop, including Alexander Calder’s bright red “Flamingo” in the Federal Center Plaza. Marc Chagall's mosaic sculpture ”The Four Seasons” depicts the changing seasons of Chicago.
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