Starbucks Opens in Bronzeville- Should you be buying property there?
Amid much fanfare, including Mayor Daley himself, the first Starbucks in the Bronzeville neighborhood opened last week at 35th and State, near the former home of the infamous Stateway Gardens public housing projects, which have been torn down. A new mix-use housing development is going in in its place. (Photo above taken by John Scanlon, at the Chi-Town Daily News.)
From the Chi-Town Daily News:
Mayor Richard M. Daley said the development will help to eliminate borders between public housing and the rest of the community.
“We cannot isolate the poor,” Daley said.
Bronzeville represents an unlikely location for Starbucks, known for blanketing upscale areas with stores.
The new store is the result of a partnership between Starbucks and basketball great Earvin “Magic” Johnson, who are working together to develop neighborhoods neglected by retail business.
Where Starbucks has gone in, much improvement in the neighborhood has followed. Residents of Wicker Park and Bucktown might argue that the “change” has been for the worse (as they have notoriously boycotted the Starbucks at the Damen El stop). But other neighborhoods are desperate for Starbucks to come. Beverly, on the South side, recently saw its first Starbucks open and the Alderwoman said it had taken her 10 years to lure the coffee king to the south side of the city (despite the average income in that area being the second highest in the city.)
Starbucks is such a lure, that developers vie for the right to have one in their new construction high rise buildings.
Clearly, the Mayor and others are hoping that this new Starbucks will pick up development in the neighborhood and encourage other businesses to follow. From the Chi-Town article:
Alderman Pat Dowell said the opening “sends a powerful message” to other retailers that Bronzeville is again open for business.
Bronzeville has a lot of unique housing stock, including the landmark “gap” district on Prairie, Calumet and Giles between 31st and 35th. Historic rowhouses can be bought for under $500,000.
Will Starbucks transform the neighborhood? Some pictures from the neighborhood of homes/condos currently for sale under $500,000 (the picture on the right is a single family home with 3 bedrooms, 2 bath on the market for $375,000 at 3430 S. Prairie):
This is not a Bronzeville Starbucks. This is an IIT Starbucks.