Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts

Tuesday, February 4, 2025

Bad ROI: Cancelled Plans for Research Hub at The 78 Cost Illinois Taxpayers $30M

Well this doesn't seem good (via WBEZ):

Seven years ago, Mayor Rahm Emanuel and Gov. Bruce Rauner invited dignitaries to a 62-acre plot of land in the South Loop and offered a bold promise: The long-vacant property would be transformed, with a high-tech research facility that would give a massive economic boost to the city of Chicago.

The University of Illinois would operate the proposed $285 million facility, dubbed the Discovery Partners Institute. It would sit on an acre south of Roosevelt Road along the east bank of the Chicago River donated by the property owner, Nadhmi Shakir Auchi, an Iraqi British billionaire who has long been denied entry to the United States as a result of past criminal convictions.

But the university pulled the plug in October on the planned research hub at the sprawling site that has sat vacant for decades and is now being marketed as The 78. The U. of I. said it would turn its vision to the south and become part of a quantum computing research park that Gov. JB Pritzker wants to build on a vacant, 300-acre site at East 79th Street and South DuSable Lake Shore Drive, once occupied by U.S. Steel.

That decision means Illinois taxpayers are now out of more than $30 million, records obtained by the Chicago Sun-Times show.

And the losses for taxpayers still could grow, sources say, to $40 million.

This property has been this biggest quagmire for the neighborhood, government, and numerous ambitious business people.  Our first post back from taking a bit of a hiatus pondered the question "The 78: Will 2025 Finally be the Year?"  So far the answer has been an expensive, resounding no!

This giant empty piece of land that is so visible from so many vantage points across the Sloop is tantalizing to dream about the possibilities.  But so far, it's just been an expensive, bureaucratic nightmare with big dreams but little return on investment.     

Wednesday, January 29, 2025

Riverline Development Starts Construction at 1010 S. Wells

The Riverline development was announced way back in 2015 and almost 10 years later the project is finally underway at 1010 S. Wells (via Urbanize Chicago):


Renderings have been released for 1010 S. Wells, the first building to be constructed at Riverline in the South Loop.  Developed by CMK Companies, the project will be located along the South Branch of the Chicago River at the intersection of S. Wells St and W. 10th St. 

With Gensler behind the updated design, the 21-story tower will stand 227 feet tall. As part of the redesign, the building has shifted from 286 condos to 386 apartments. The building’s parking count has been reduced from 240 spaces to 182 parking spaces. The building will include 2,904 square feet of retail space on the ground floor. 

The article goes onto say that there will be retail that will be accessible via Wells and most importantly this will also have a public river walk that hopefully one day will allow you to walk from Harrison all the way south to Ping Tom Park in Chinatown.

While CMK's buildings are usually modern and glassy - they're pretty straightforward.  This one looks a little better in our opinion - maybe because it's on the river?!?  

This isn't the only project CMK is working on at the moment - they have four (yes 4!) buildings under construction in the Sloop (according to Yimby Chicago - 1730 Wabash (red) – 1700 Wabash (green) – 1630 Wabash (yellow) – 1717 Michigan (orange):  



Tuesday, December 31, 2024

The 78: Will 2025 Finally Be the Year?

Rendering of Proposed White Sox Stadium at The 78 (via Urbanize)


If you’re reading this, you probably know we’ve been away for a while. But you know what? It hasn’t been as long as The 78 – the infamous, long-standing vacant 62-acre site in the South Loop – has remained undeveloped.

If you’re like us, you’ve spent the past couple of decades fantasizing about what could be. An amazing riverwalk? An Olympic village? Amazon’s HQ2? A new White Sox stadium? A casino? So far, we’ve gotten bubkes.

Recently, though, we came across an article in Urbanize Chicago that provided an update on The 78 (and other mega-developments):

Planned by Related Midwest, The 78 is a 62-acre mega-development in the South Loop, located along the Chicago River just south of W. Roosevelt Rd. The original plans, designed by Skidmore, Owings & Merrill, called for over 13 million square feet of mixed-use development.

Years later, the only completed structure is the Wells-Wentworth Connector, which isn’t even open to the public yet. In 2022, Mayor Lori Lightfoot chose Bally’s casino plan over Related’s proposal for a casino and entertainment district at the north end of the site.

In early 2024, Related Midwest announced a plan with the Chicago White Sox for a new ballpark that would anchor the proposed high-rise district. The design included home plate at the southwest corner and a stadium that wrapped around the field, offering stunning downtown views, including the Sears Tower.

But later that year, just as construction was set to begin, the Discovery Partners Institute (DPI) announced it was scrapping plans for its headquarters at the south end of The 78. Instead, DPI is pivoting to the quantum campus at Related Midwest’s redevelopment of the former US Steel site at 8080 S. DuSable Lake Shore Drive. With the DPI headquarters canceled and public funding for the White Sox stadium facing opposition, The 78’s progress is largely stalled.

More recently, at the end of the year, it was announced that Chicago Fire owner Joe Mansueto is exploring The 78 as a potential site for a dedicated soccer stadium. According to Crain’s Chicago Business, Mansueto and Related Midwest have presented their proposal to Mayor Johnson and city officials. While no renderings or detailed plans have been released, Mansueto has committed to financing the stadium entirely with private funds.

If there’s one thing we’ve learned about this plot of land, it’s not to hold our breath. Could 2025 finally be the year something happens? A billionaire willing to fully finance a soccer stadium seems promising—but we’ve been here before.

Will 2025 be the year The 78 finally becomes something?

Tuesday, November 8, 2022

The Best Living the Sloop Has to Offer & Only for $5.9M

We took a break from Sloping, but apparently we just needed a $5.9M urban house to make us draft up a post (747 S. Dearborn listing).  This has to be the most amazing residential space in the Sloop, if you've seen a better one let us know.


(Hat tip: TC!)

Tuesday, July 12, 2022

City Talks Museum Campus Ideas and Dome at Soldier Field ; Bears Promptly Say No Thanks

Lots of movement last week on the Bears vs. City of Chicago drama.

For those not up-to-speed, the Bears have one foot out of the proverbial Soldier Field door and ready to move to the burbs.

In a final hail mary, Mayor Lightfoot and her team came up with a bunch of ideas on how to improve the broader Museum Campus (and ultimately hopefully keep the Bears at Soldier Field):

There are some interesting and well needed things (hello bridges to Northerly Island!), but as it relates to the Bears - THEY GONE!


The Bears issued this statement in response (from MSN): 
“The only potential project the Chicago Bears are exploring for a new stadium development is Arlington Park.” 
“As part of our mutual agreement with the seller of that property, we are not pursuing alternative stadium deals or sites, including renovations to Soldier Field, while we are under contract.” 
There you have it. The Bears are all-in on the move to Arlington Heights. 
The initial agreement between the Bears and Churchill Downs Inc. last fall for the purchase of the Arlington Heights site was for $197.2 million. According to Churchill Downs Inc. CEO Bill Carstanjen, the company can close the sale of the property at Arlington Park by mid-2023.

This is the clearest sign from the Bears that they're moving.  So...we'll see what the city does.  

(Hat tip: PB!)

Wednesday, June 29, 2022

Shedd Aquarium Approved for Renovations

 Good news for Shedd Acquarium lovers (via Urbanize Chicago):

The Chicago Plan Commission has approved the Lakefront Protection Ordinance application for renovations to the Shedd Aquarium. Located at 1200 S. DuSable Lake Shore Dr, the project will improve the facilities of the museum on the Museum Campus. Looking towards its 100th anniversary in 2030, the Shedd Aquarium plans the work as part of its Centennial Commitment, a $500 million plan to improve physical facilities and programmatic content.

The most prominent change to the exterior will be the addition of a new entry and ticketing pavilion surrounding the Man with Fish sculpture outside of the accessible entry. Currently the entry does not have enough capacity to meet demand, so the new design will accommodate a larger number of visitors. With 85% of tickets purchased in advance, the separated ticketing and entry pavilions will streamline the entry process for those who have bought tickets online allowing them to enter directly.

Two pavilions will be added in front of the current entrance with a circular trellis connecting the two to create a sense of arrival for visitors. The structures have been designed to create a light touch within the landscape, enhanced to allow for greater visibility of the entrances while using larger trees to break down the scale of the new structures. In response to feedback the ceilings of the pavilions will be GFRC instead of the original wood material.




Thursday, May 26, 2022

River West Casino Gets Approval from City Council

For those of you who cheered when the River West location was chosen for the Chicago Casino but continued to hold your breath until it was a done deal - yesterday marked a major step in the process (via Tribune): 

A casino for Chicago — an enterprise supporters say is 30 years in the making and opponents view as a rush job — took a big step toward reality Wednesday with the City Council voting 41-7 to approve the plan. 

Less than three weeks after Mayor Lori Lightfoot announced her choice, a majority of aldermen signed onto the plan for Bally’s to build a $1.7 billion casino, hotel and entertainment venue in River West. 

The gambling complex must also now win approval of the Illinois Gaming Board. It also faces strong headwinds in the area among nearby residents, as do plans to open a temporary casino inside the historic Medinah Temple building that would operate while the permanent development is constructed.
Knock on wood that this continues...



Wednesday, May 4, 2022

Sources: River West Proposal to Get City Casino

Well it looks like the South Loop Casino proposals for The 78 and One Central are sitting on a "bust" hand and waiting for the final card to be played (via Sun-Times):

Mayor Lori Lightfoot is preparing to turn over her cards in the Chicago casino game, with all signs pointing to a winning hand for Bally’s Corporation and their River West bid, sources told the Chicago Sun-Times on Tuesday. 
The city signaled in a March report that Bally’s proposal for the Chicago Tribune printing plant site at Chicago Avenue and Halsted Street was the front-runner over two other finalists for the casino. An official decision could come Thursday. 
The publicly traded Rhode Island corporation was the only one to offer an upfront payment of $25 million for the license — and was projected as the top revenue generator over a Hard Rock casino proposed across DuSable Lake Shore Drive from Soldier Field, and the so-called “Rivers 78” plan backed by billionaire Neil Bluhm for the South Loop. Those are key considerations for city officials desperate to start pumping casino tax revenue into depleted police and firefighter pension funds.

If this reporting is accurate from the Sun-Times, the South Loop got lucky.  Although a casino would have given these developments a big shot in the arm and likely accelerated their plans, it would have brought a completely new element to the neighborhood which likely would have altered it dramatically forever.

It's not over yet, but seems like a positive development for the neighborhood.


Monday, March 14, 2022

Crane Assembly Underway at 1400 S. Wabash 30 Floor Highrise

Via YIMBY Chicago:

Crane assembly can be seen for the 30-story high rise planned at 1400 S Wabash Avenue in South Loop, replacing a long-empty vacant lot. As of now, permits have been issued for the foundation, tower crane, and the superstructure up to the fourth floor.



While it's good to see and learn about progress at 1400 S. Wabash - there were some other bonkers maps within this post.  While One Central development and The 78 are questionable, could you imagine if these "proposed" buildings actually end up getting built.  Look at how much density it would bring to the Sloop:


Does anyone think all of these buildings will be built by 2030?  2040?  It's mind boggling to think about what would have to happen in Chicago to support that much development.  Just seems impractical looking at the landscape today.

Wednesday, February 23, 2022

7-11 on South State (533 S. State) Closing ; A Sign of Bigger Challenges in the Loop?

Mr. South Loop posting about a 7-11 closure on South State:


While one 7-11 closing isn't much news (especially with two other ones in close proximity in the area), it is interesting to see.  Based on the caption it seems like it's a function of lack of business, but also points to a challenging situation on South State further North.  

If you've been North of Ida B. Wells you'll notice numerous storefronts that are empty.  State street was arguably the second biggest "shopping street" downtown behind Michigan Avenue.  While some stores further north are still open the further you go south it gets pretty bleak and desolate.  

This dynamic has always been in place for awhile, but seems like the pandemic has really exacerbated the problem.  The question is - will this bounce back? and if so when?  

There are some major challenges with the loop and how many office workers will return.  It seems like the typical 5 day in-office work experience ain't coming back.  That puts extreme pressure on these retail storefronts.  The value has decayed quickly.

Wednesday, February 9, 2022

400 Concrete Truck Line-up on Jan 22nd to Pour for 1000M High-rise


This is a bit old, but we still found it interesting (via Chicago Construction News):

McHugh Concrete has completed a nine-hour continuous concrete pour including nearly 4,000 cu. yds. of concrete for the mat slab foundation for 1000M, a 73-story apartment tower at 1000 S. Michigan Ave. in Chicago’s South Loop.

This construction milestone completes the foundations under the main tower of 1000M, which will be one of the city’s tallest apartment buildings at 788 feet when it delivers in 2025. McHugh Concrete has poured the concrete for eight of Chicago’s 10 tallest concrete buildings, the company’s public relations agency said in a Jan. 24 statement.

One lane of Michigan Avenue alongside the project was closed on Jan. 22 for the more than 400 concrete trucks delivering concrete to the site, which is across from Grant Park. Sweeper and vacuum trucks mitigated dust and dirt around the perimeter, and flaggers were posted alongside the site for pedestrian and vehicular safety.

Prior to the pour, McHugh Concrete installed 685 tons of steel rebar (about the same weight as 15 Boeing 737-800 airplanes), and general contractor McHugh Construction coordinated below-ground preparatory work, including drilling and socketing caissons to bedrock approximately 87 feet below ground to support the tower portion of the skyscraper, perimeter sheeting, waterproofing and piping for utilities.

We were out and about that day and can attest to the crazy amount of cement trucks lined up around the site waiting for their turn.  Seems like this development finally has some solid momentum (pun intended?!?!). 



Wednesday, January 12, 2022

Shedd Aquarium Embarks on $500 Million Renovation Called the "Centennial Commitment"

The Shedd Aquarium is awesome and it looks like it's going to be getting even better (via Chicago Tribune):

The Shedd Aquarium houses a remarkable creature called an archerfish that spits water 3 feet into the air to knock insects off trees into the water for dinner.

Right now, the archerfish swims in an aquarium with a label displaying its name. That’s it.

But soon, visitors will be able to see the fish actually do its thing — spitting at a tree to dislodge crickets for a meal.

Interactive experiences like this inspire the public to care more about the fish and its habitat, according to Bridget Coughlin, president and CEO of the Shedd Aquarium.

This connection between humans experiencing wild animals and being inspired to conserve is the driving force behind the aquarium’s new $500 million project, an eight-year vision called the Centennial Commitment.

Connecting people to nature will involve creating new aquarium galleries along with immersive experiences and programs.

For example, the north gallery, which houses rivers, islands and lakes exhibits, will be renovated into a Caribbean coral reef habitat within a 40-foot glass tunnel. Visitors will feel as if they are part of the reef with sharks, rays and colorful fish.

Renovation and re-imagination of the aquarium galleries and educational facilities will cost roughly half of the $500 million and take four years to complete. Renovations are expected to be finished in 2026, ahead of the organization’s 100th anniversary in 2030.


Here is a rendering of one of the projects - "a Caribbean coral reef habitat that will give guests different perspectives of sharks and rays within the diverse ecosystem":


 

Thursday, December 9, 2021

Long Challenged 1000M High-Rise Gets New Loan and Looks to Restart Construction


There has been some rumblings on the web about the stalled 1000M high-rise construction being resuscitated.  Looks like that's true (via Chicagoarchitecture.org):

One of the late Helmut Jahn’s last designs may get built after all. Time Equities, JK Equities, and Oak Capitals have announced that the construction of 1000M is going to restart any day now. How is this possible? Money.

The development trio has closed on a $304 million construction loan, which will be used to get things moving again. It was last year that local media were talking about financing problems with this project, but as of today that all seems to have been resolved. Construction is scheduled to be completed in three years, so December 2024, which is adjacent to January, 2025.

This is a major project and not surprising it's been a challenge to get going.  We've been posting about this since 2016...so to say it's been in the works for awhile is an understatement.  The development finally started to show signs of tangible progress, but then came Covid-19 and brought more uncertainty.

Over the last year there have been stories about pivots to the project and now this seems to be the most tangible piece of news that it's restarting.  Good luck to the developers - they clearly need some.

Tuesday, November 23, 2021

Sun-Times: Two Sloop Locations Frontrunners for Downtown Chicago Casino

More chatter on the casino and the money looks to be on two Sloop sights (via Sun-Times):

some insiders believe the casino competition boils down to Neil Bluhm versus Neil Bluhm.

The head of Chicago-based Rush Street Gaming and owner of the lucrative Rivers Casino in Des Plaines, Bluhm is behind two proposals, either of which could benefit from few complications and a quick start. With the firm Related Midwest, Bluhm wants a casino on vacant acreage in the development site known as The 78, running southwest from Roosevelt and Clark.

It’s close to downtown, and the land is shovel-ready. But Bluhm has hedged his bets, offering on his own a casino plan for the existing Lakeside Center at McCormick Place, the oldest building at the convention complex and the one least utilized. It’s got parking already there and vast floors ready for slots and table games.

We're pretty cold on the 78 location as it would dramatically change the profile of the Sloop as this land is poised to become a critical, central component of the neighborhood.  

That said, the renderings of the 78 casino does look pretty striking and it has a crazy high tower:

For anyone looking for architectural flourishes, the biggest offering is at The 78. The plan includes a 1,000-foot observation tower—its rendering makes it look like a giant circular staircase. It’s almost as tall as 875 North Michigan, the former John Hancock Center.

As part of its entertainment component, the plan promises to re-create Mister Kelly’s, the storied Rush Street nightclub that was a stopover for musicians and comedians traveling from coast to coast. It closed in 1975.


 

Tuesday, November 9, 2021

4 out of the 5 Casino Location Proposals In or Close to the Sloop

Last week we posted about 5 casino sites that were proposed for the city and numerous ones in the Sloop. Well it ends up that 4 of the 5 are in the neighborhood!  We're not huge bettors, but those seem like pretty good odds that there is going to be a casino in the neighborhood.  The question now is where?

The four locations in (or very close) to the Sloop are:

  • Bally’s Chicago — McCormick Place Truck Marshaling Yard
  • Hard Rock at the One Central Development (west of Solder Field)
  • Rivers Chicago at McCormick
  • Rivers 78 Gaming
Each of these proposals have many pros/cons.  First off, the Bally's proposal is south of what we would consider the Sloop, but it's still pretty close.  Out of these 4 proposals, we would imagine our neighborhood would be most supportive of this one since it's just outside our boundaries.  According to the Tribune, the alderman representing this ward has been pretty adamant that she doesn't support this location - so we will see if that's a deal breaker.

While One Central is the development that won't go away and a casino at this location probably gives it a shot in the arm...we still think it's a long shot (and years away from ever potentially happening).  

Rivers Chicago at McCormick
So that leaves us with the Rivers proposals.  In our opinion, the Rivers Chicago at McCormick is very interesting on many fronts.  The Tribune explains it as:
The proposal to redevelop Lakeside Center — formerly the East Building — at McCormick Place would have a number of built-in advantages, according to Scott Goodman, founding principal of Chicago-based Farpoint Development.

“We think this is a perfect adjunct to what’s already there,” Goodman said. “Things are already in place, not least of which is the structure, but also other infrastructure, such as parking and access, and ways for people to get there.”

The seldom-used, 50-year-old Lakeside Center has 583,000 square feet of exhibit space, but is dwarfed by the newer McCormick Place West Building, which opened in 2007. It is adjacent to an abundance of hotel rooms, has lakefront vistas, is designed for high-traffic events and in a post-COVID-19 world, could help draw conventions and conventioneers to roll the dice on Chicago, Goodman said.

The plan would create casino floor up to 300,000 square feet, with the rest of the exhibit floor filled with food and beverage options, as well as entertainment spaces, Goodman said. The redevelopment would also address maintenance issues and capital improvement needs that have been “compiling” at the building, he said.

The adaptive reuse of an existing convention hall may have one significant advantage over competing proposals with new buildings — an expedited timeline.

It's a pretty iconic location right on the lake, it's a re-use of an underutilized building and it's connected to McCormick Place (which some say is a problem).  Those are pretty big assets from our vantage point.

Rivers 78
The 78 certainly has the space and nice river location for a casino, but in our opinion this spot would be a tough pill to swallow for the Sloop.  This is in the heart of the Sloop and would change they dynamics of the neighborhood in a major way.  Sure the 78 was going to do that regardless, but add a casino and we just don't know...seems like a bad move.

Details are pretty limited on this proposal, but the developer Related Midwest did say:
Related Midwest President Curt Bailey offered few details but plenty of enthusiasm about the plan, saying it “would work extremely well and probably produce the highest-income casino in the city of Chicago because of the location.”

Of course that's what he was going to stay, but might have some truth.  It is a good location.

This will be interesting to monitor.  Certainly the site at the Chicago Tribune Publishing Center is a good location, but in our opinion not as good as some of the Sloop spots.  

 

Wednesday, October 20, 2021

New Renderings & Info for One Central Development Revealed

The developer for the massive One Central concept keeps on trying to push forward with his plans (via Tribune):

The developer behind the proposed $20 billion One Central development revealed details for the project’s first phase: a transit center surrounded by roughly 1.4 million square feet of retail, dining and entertainment space on a 35-acre site above the train tracks near Soldier Field.

The full plans for One Central, unveiled in 2019, include up to 22.3 million square feet of buildings with as many as 9,050 residential units and 9.45 million square feet of offices. The project still needs city and state approval to proceed, and Landmark president Bob Dunn has said he expects to submit a zoning application by late October or early November.

The $3.8 billion first phase, which Landmark calls the “Civic Build,” includes a transit center linking Metra, Amtrak and CTA trains and a new bus or tram route stopping at destinations like Soldier Field, Navy Pier, the Museum Campus, Grant and Millennium parks and McCormick Place.

The operative phrase is "still needs city and state approval to proceed" and everything we've seen seems to point to the fact that our government leaders have little interest in this project.

A big elephant in the room is the status of the Chicago Bears and the place they currently call home - Soldier Field.  The article states that the potential of the Bears moving would have minimal impact on this development, but we call BS on that one.  On the flip side, could this development help keep the Bears downtown if they can get a piece of this massive development?  No clue if that type of arangement could be struck, but we're trying to think creatively.

Anyway - the article has some fun new renderings if you're interested.  Here are a couple:




Thursday, September 16, 2021

Checking-in at The Reed Development

YIMBY checks-in at The Reed development:

Since Chicago YIMBY’s last update on Lendlease’s “The Reed,” a planned 41-story residential tower at 234 W Polk Street in South Loop, various new developments have taken place. Fencing and additional equipment, including a crane, are now on site, while staging areas and an access road have been built out.

While foundation permits have been issued, full construction permits have been filed but not issued. Lendlease is also serving as general contractor, with an opening anticipated for 2023.

There are a lot of pictures in the post, but these two gave us the best sense of the vision for the area:


Wednesday, September 15, 2021

City Council Approves Two Big Development Projects on South Wabash

More development is approved and looks to be coming to the Sloop (via Block Club):

Three more high-rises are coming to Wabash Avenue.

The City Council signed off a $350 million project to build two towers connected by a two-story retail space at 525 S. Wabash Ave. One would have 777 apartments while another would be a 407-room hotel.

Alderpeople also gave the green light Tuesday for a $100 million project to build a 31-story tower with 299 residential units at a vacant lot at 1400 S. Wabash Ave.

The plan for 523 S. Wabash, just off Ida B. Wells Drive, will transform a parking structure into the hotel and apartments towers.

A grocer would move into the ground-level storefront and a restaurant would take the space above it. Designs also call for the expansion of an alleyway east of the structure to accommodate loading.


As a reminder, here is a rendering for the project at 525 S. Wabash:


 And here is the rendering for the building at 1400 S. Wabash:


The building at 525 S. Wabash is scheduled to be completed by 2024 and the 1400 S. Wabash is supposed to be completed by 2023.  Generally we're in favor of more density, but still questioning the demand post-Covid.

Monday, August 30, 2021

Flying Over the The 78 Development Lot

 The 78 promises to be a big addition to the Sloop, here is a different vantage point that shows how big the space actually is:

Monday, August 23, 2021

Cisco Still Moving Into The Old Post Office


One of the biggest questions from the pandemic is the impact on work.  A big tennant at The Old Post Office looks like they're still moving forward with their plans to relocate (via Chicago Tribune):
Technology firm Cisco Systems announced this week it’s moving its regional offices in Rosemont to downtown Chicago where the city will serve as the company’s Midwest “hub,” officials tell the Tribune.

The San Francisco-based IT giant has had a plan in the works for years now to consolidate city and suburban offices in Chicago’s redeveloped Old Post Office at 433 W. Van Buren St., along the Chicago River, which will now be home to the hub.

Jobs span across sales, sales engineering, services, collaboration and operations roles, according to a Cisco spokesman. The Tribune reported in 2019 that Cisco was negotiating rent on 130,000 square feet of office space in the long-vacant old post office. The new Cisco space can accommodate 1,200 employees. The company sees the Chicago office, a micro-headquarters of sorts, as a “space where teams can come together under a hybrid work model, while showcasing how our technology can power a more hybrid way of working for our teams, customers, and partners,” the Cisco spokesman said.

The announcement comes at a time when downtown Chicago is trying to get back on its feet amid a pandemic that at one point turned the Loop and environs into a ghost town. Mayor Lori Lightfoot has previously said the pandemic didn’t stop businesses from moving into Chicago; in all 32 businesses have set up shop since the COVID-19 outbreak took hold here, she has said.

Ironically, beyond this we also had a meeting recently (not about Sloopin) with a small startup media company that was looking at space at The Old Post Office.  Curious to see how the commercial real estate market evolves post pandemic.