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Originally Posted by wierdaaron
Yeah, that's how I remembered it. A compacted Sears Tower.
I wish I knew what the hell was going on with all that land between the river and the Kennedy. The further-west west loop is hopping, the further-east loop loop is hopping, but nobody was able to figure out a deal for all that land in the middle?
Maybe it being off the market means someone with real plans bought it. With that Hotel/Office just announced on the other side of Presidential Towers, perhaps other developers are getting brave enough to step into that area. I swear with those huge, undeveloped blocks you could have a mini development boom right there.
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The highest and best use for that land is office, since you are so close to Union and Ogilvie. However, the most desirable sites for office are the ones between Canal (Metra) and Wabash (Brown Line), and there are several large prominent new towers planned for that zone - two more on Franklin even after the two on Lake are finished. Altogether that is several million SF.
The flight of tech and creative companies to nontraditional spots in River North, Fulton Market and Goose Island has taken some of the wind out of Loop/West Loop office demand, while the Class C buildings that those startups would have occupied in the Loop are now turning to hotel and residential.
That said, there isn't a major surface lot in West Loop Gate that we haven't seen a proposal for. Developers are trying to make stuff happen there. It's just not the most desirable spot yet for any category of land use you could name. Office wants to be a little further east, and residential wants to be a little further west. Hotels want to be near tourist and entertainment destinations.
I think that will change soon. I'd be surprised if we don't see another 2 or 3 midrise office buildings go up in that area in the next few years. More "econoboxes", as some call them, which should support some natural filtering in the Loop submarket to replace all the Class C space now being converted into hotels and offices.