The city always reveals a bit of itself as the days grow longer and warmer, from potholes that have gone without repair to vacant lots in need of a good clean-up.
And downtown, the change of seasons is already showing even more of what Chicagoans have seen for the past few years: vacant commercial space.
About 450 downtown storefronts sit empty — about twice as many as before the pandemic. That’s a third of downtown sitting idle, a scary statistic for anyone who cares about the city’s vitality and well-being.
There a hopeful signs, such as the current conversion of the 17-story former Thompson Center into a headquarters for Google and the planned revival of LaSalle Street, which are important steps to bring new life downtown. But more help is needed.
It’s often said that Chicago is a city of neighborhoods — true. Downtown is one of those neighborhoods, and its vitality is essential.
“We’re a prominent global city. So a thriving downtown is essential for many reasons,” as DePaul University’s Joseph Schwieterman told Sun-Times Watchdogs reporter Tim Novak. “Everything from our tax base to our tourism draws on the energy of the downtown. It’s the engine that drives the city, and it makes this scary.”
The “this” Schweiterman referred to was the fact that, as Novak reported, plummeting property values downtown have forced Cook County to shift more of the real estate tax burden to homeowners and business operators outside of the Loop.
A weakened downtown costs all of us
Admittedly, downtown’s hard times are not purely of its — or the city’s — own making. The Loop was already dealing with historic changes in shopping patterns caused by the rise in online retailing, and then the COVID-19 pandemic struck and virtually emptied the streets for two years.
But that only means the current state of downtown and North Michigan Avenue has become a scary new normal, one that financially impacts all Chicagoans.
For example, Water Tower Place on North Michigan Avenue used to pay $16 million in property taxes annually. But last year, the complex paid only $6.8 million, and homeowners and businesses across the city have to make up the difference.
The city’s fortunes will rise — or fall — depending on downtown. Neighborhoods undoubtedly need rebuilding, particularly on the South and West sides, but the task of funding such redevelopment is tough without a financially strong Loop and North Michigan Avenue helping to pay the freight.
Mayor Brandon Johnson announced a year ago that he had created a 40-member downtown economic growth advisory committee.
According to City Hall, the group “will provide business leaders, organizations and key stakeholders with a direct line of communication” with Johnson’s office and all of the city’s departments.
It’s time for this committee to start producing some big ideas and measurable results, especially since the city already has World Business Chicago, the Department of Planning and Development, and civic groups such as Chicago Loop Alliance — all of which are tasked with improving downtown. The Alliance, for instance, recently shared its plans for reviving downtown, including an expansion of its Sundays on State initiative.
A first-class emergency
The Fulton Market area was an industrial backwater and a remnant of the city’s old meatpacking district 15 years ago.
Now it’s the hottest entertainment and retail district in Chicago — the modern day equal to what North Michigan Avenue and downtown State Street once were.
But with Fulton Market getting close to being packed to capacity, is there a way to spread some of the area’s magic east to downtown? These are the kinds of things the city must start considering. And more. Especially since weekend foot traffic has now risen past what it was before the start of the pandemic, according to the Loop Alliance.
That means the various downtown fests and pop-up events on Saturdays and Sundays, particularly during warm months, are doing their job.
But weekday activity still lags, according to the group. That’s a major indicator of the overall problem: People are not coming downtown to shop, work and do business the way they once did.
And it’s not just a curiosity, but a first-class emergency. Imagine if a catastrophe wiped away a third of downtown’s commercial and retail space.
An all-hands-on-deck approach — and some real leadership from the Fifth Floor of City Hall — is imperative.
Chicago’s future depends on it.
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