The article takes a look at demographic trends and shows a rosy picture for the downtown core and the Sloop:
It's late afternoon on a winter weekend and the Kerasotes ShowPlace Icon movie theaters in the South Loop are packed, never mind that tickets go for as much as $17.50 a pop. The 14-screen complex is doing “very well,” says Tony Kerasotes, owner of Chicago-based Kerasotes ShowPlace Theatres LLC. With more than 1 million admissions last year, in fact, “it's the best-grossing theater in the Midwest,” he claims.
Barely a decade ago, the site at Roosevelt Road and Clark Street was a forsaken railroad yard. Today, it's part of a 1.3 million-square-foot complex of shops, restaurants and apartments. This is the new Chicago, a skyscraper-studded expanse that stretches well beyond the traditional Loop to cover 10 square miles roughly from Cermak Road to North Avenue and from the lakefront to Ashland Avenue.
First off, it's pretty interesting that Roosevelt Collection has the best-grossing theater in the Midwest. Second, this article is a great read for fans of Chicago and anyone who are interested in the future of the neighborhood.
However, it's slight strange to read such an optimistic article when many of us are still feeling the affects of the recession and housing bubble. But from the sounds of this article, things are changing and the longterm prognosis for downtown Chicago and the Sloop are looking up.
What do you think? Do you agree with this line of thought?
We've always maintained that the South Loop is well positioned for the long term given it's proximity to downtown, the lake, public transportation, Grant Park and some of the city's most treasured cultural institutions (among other things).
Anyway, if you're not up to read the whole article, this video does a good job summarizing the trends: