Hyde Park’s retail revival is on a roll
By Alexia Elejalde-Ruiz, Chicago Tribune | |
McClatchy-Tribune Information Services |
Nine months after opening the upscale French-Italian restaurant A10 on
"It has crushed our expectations," said Merges, who this fall plans to open a second Yusho location in
The decadelong, multimillion-dollar effort to rejuvenate
Kilwin's Chocolates and Fudge is one of the 28 new businesses that have opened in the past three years along the
Jackson was able to open the second shop because the university offered a rent abatement and help with her build-out. She closed her
"I think this neighborhood is more receptive," Jackson said. "Because
Across the street, at the
Most of the hotel guests are visiting the University of
"We had a number of reservations cancel on us at first when they heard we were on the
The hotel's ability to show off the neighborhood to visitors "gives more of a national and an international appeal to the area," he said.
An estimated
With the newly restored movie theater, buzz-worthy restaurants and several upscale retail boutiques, Jackson said she has heard people calling
Some are disconcerted by the comparisons.
Growing up in
"I think they're trying to make it a
Tensions simmer over Hyde Park businesses that were forced to relocate or close as the university bought a half-dozen properties and angled for a tenant mix that would turn
One salon owner, Akroma Kourouma Sahan, fought back in court when she was told her lease at
For its part, the university said that it offered everyone relocation assistance, but that Allen declined it.
Business turnover isn't the only lightning rod.
A group of residents who oppose the size of the planned 13-story Vue53 apartment complex filed a lawsuit alleging that the city acted in an "arbitrary and capricious" manner when it approved the zoning change for the development, which will bring 267 residential units and 30,000 square feet of retail to a former Mobil gas station site at 53rd and Kimbark owned by the university.
A judge dismissed the lawsuit, saying that not all neighbors were properly notified of its filing, and the plaintiffs have appealed. Vue53 is set to begin construction in September and open in 2016.
All the activity has fueled a rise in retail rental rates. Five years ago, when new projects were under construction, asking rents at the
The increase is comparable to what has been seen in trendy neighborhoods such as
State figures reflect the surge in business. Retail sales generated in the 60615 ZIP code, which encompasses the area bordered roughly by
To be sure, the U. of C. has a vested interest in boosting Hyde Park's profile, as competes for top students and faculty with other premier schools. But the project began more than a decade ago with a request for help from then-Ald.
Preckwinkle, alderman of the
She understands the nostalgia for the street of decades past, "but we have a more diverse retail environment and lots more people in the street, and that's a good thing," she said.
Ironically, she noted, the dearth of retail in neighboring communities benefits Hyde Park stores because people flock there.
Upon completion, the
The Chicago Innovation Exchange, scheduled to open in October, is expected to draw 120 to 200 scholars and entrepreneurs to the neighborhood daily.
Harper Court opened in November after being financed by a combination of university, private and public money. Now, 560 university employees occupy a 150,000-square-foot office tower, and the 53,000 square feet of retail space is about 80 percent leased.
The redevelopment of Harper Court was financed partly with a pledge of up to
The university invested
The university, which bought Harper Court from developer
Harper Court boasts a mix of national and local stores, with Ulta Beauty,
Some business owners in trendy
With business at her
"The foot traffic is going to be huge," said Krause, who signed a five-year lease.
The university has been strategic about which businesses it brings into the mix. One of its biggest catches was The Promontory, which opened in July to much foodie fanfare.
With a "hearth-to-table" restaurant concept from the owners of perennially popular
"I liked the story," Finkelman said. The opening-night show featured
While Hyde Park's dining cred rises, retail has been slower to arrive.
Akira clothing boutique, an early retailer to join the project when it opened in fall 2012, is meeting sales expectations, and it is considering opening an Akira Footwear nearby, said co-owner
But it has been tough to get others to follow suit, Hennessy said.
The university has designated five storefronts in Harper Court as temporary, or pop-up, shops for independent local retailers to test the market.
"It's a little like suddenly being really popular at a dance," said Pope, who sells upscale children's apparel, toys and gifts at her boutiques in the Bucktown and Andersonville neighborhoods.
Hennessy, who has six retail vacancies left on
In the
"Retailers may realize that if they can make money on Roosevelt, maybe they can make money on
To resident
"It makes it a much happier place to live," said Richardson, 35, as she sat in the Harper Court courtyard and took bites of frozen yogurt from Red Mango, which opened there this summer.
Richardson, who works in finance, remembers when
"Now it feels fresh, vibrant and young," she said.
Still, Hughes said, as the friends cleaned up after their Chipotle lunch, "We need more clothing stores. We need an H&M."
Some old Hyde Park businesses said the new energy has been fruitful for them as well.
"My numbers are much higher than last year; we really have a lot of new customers," said
Taleb said he was briefly concerned about the influx of new restaurants, but "competition is good," he said. "It keeps you on your toes."
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