Will West Loop Gate be the next “Hot” Neighborhood? A Loft at 130 S. Canal
This 2-bedroom corner loft in the Metropolitan Lofts at 130 S. Canal in the West Loop came on the market in July 2019.
Built in 1950, it was converted into 212 loft condos in 1999. It has an attached parking garage, exercise room and a doorman.
15 years ago, this neighborhood near Union Station and the Old Post Office was marketed as “West Loop Gate” but the name never really caught on.
But now the neighborhood is exploding with new construction.
The first tenants in the renovated Old Post Office are expected to move in this month. When completed, about 15,000 people will work there.
But there’s other new construction as well including a 50-story office building, BMO Tower, going in across from Union Station, a new food hall in Union Station, a new hotel a top of Union Station, and new shops and restaurants at the base of the Willis Tower.
In total, about 22,000 new people will be working in West Loop Gate in about 3 years.
From the Chicago Tribune:
“It’s a huge impact to that southwest corner of the city,” said Todd Heiser, co-managing director of architecture firm Gensler’s Chicago office. “When you think of the combined retail spending of those workers, that represents about $90 million to $95 million per year for things like meals, groceries, apparel, personal care and entertainment.
“It’s a pretty amazing opportunity to have this new district in our city.”
“That area wasn’t dangerous,” said veteran office leasing broker Jack McKinney Sr., a Cushman & Wakefield vice chairman who tried to help with previous redevelopment efforts. “It was just that nothing was there. It was desolate. The spookiness is gone. It will be a revitalization for that area, and now all boats will rise.”
This concrete loft has 12 foot ceilings, exposed ductwork, industrial windows and some exposed brick.
It has a split floor plan and both bedrooms appear to have full sized walls and windows, which is rare for a loft.
The master suite has an attached bath and walk-in-closet.
The kitchen has white cabinets, a stone tile backsplash and stainless steel appliances.
The loft has the features buyers look for including central air, washer/dryer in the unit, a balcony and garage parking is available for $25,000 extra.
With all of these new workers set to swarm the neighborhood in even bigger numbers than they are doing in Fulton Market, should people be buying in now?
Alysa Peterson at Redfin has the listing. See the pictures here.
Unit #606: 2 bedrooms, 2 baths, 1500 square feet, loft
- Sold in August 1999 for $274,500
- Sold in April 2004 for $330,000
- Sold in April 2006 for $360,000
- Sold in April 2008 for $385,000
- Sold in March 2014 for $400,000
- Originally listed in July 2019 for $470,000
- Reduced
- Currently listed at $449,999 (parking is $25,000 extra)
- Assessments of $914 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $7923
- Central Air
- Side-by-side washer/dryer in the unit
- Gas fireplace
- Bedroom #1: 12×17
- Bedroom #2: 12×13
- Living room: 19×16
5 years ago i’d say definitely not.
Nowadays it seems like anything near randolph / fulton market is selling. I was at Kaiser tiger the other day and it seems like they just keep expanding more and more west..There are 1.5 million dollar houses over by freaking Union Park, all b/c of proximity to fulton.
Wow Riz, are homes that much over there? That’s great to hear.
Not a bad looking place but it would be like living in a fish bowl. No privacy. What’s the good of a bright unit if you have to keep the shades closed?
We lived in Fulton Market for many years long before the crowds and great restaurants had arrived. Some called it desolate or spooky. Others appreciated the calm. With the exception of a few specific blocks It’s more dangerous today then it was in that era. Way more petty crimes today.
I’d say take the chance and invest. Even after Google and McDonalds had been announced there was still significant upside for sellers. Post office and all those people will spur additional investment. Should be good for a buyer!
You will have your shades drawn during the day when you are not there. Whose looking in on weekends? Isn’t this surrounded by non-residential?
Anyhow, I wouldn’t want to live that close to new high rise construction. Had a beer on Ballast Point’s roof deck this past Sunday and there was a construction crew working on a nearby high-rise. If you live in a nearby condo, that’s a good year of not getting to relax on weekends when you aren’t at work.
The fact that the second bed is
Easy for you to say – that I wouldn’t be there in the daytime. I work from home, so actually I’d be there a lot in the hours when office workers looking in.
Sounds like any other office situation to me then. Are you worried because you are in your jammies?
I could not imagine living in a fishbowl. It’s not just commercial surrounding this, you are looking right across at the rest of the condos…
I get it that privacy is not inherent in highrises, but if you are high enough and far enough away from prying eyes, it can work fine.