ULI Chicago to present recommendations for a vibrant Magnificent Mile

For Immediate Release For more information, please contact Cindy McSherry, Executive Director, ULI Chicago, 773-549-4972, [email protected], or Swasti Shah, Director of Community Engagement at [email protected].

The Urban Land Institute Chicago (ULI Chicago), with support from the City of Chicago Department of Planning and Development and The Magnificent Mile Association, has convened a multi-disciplinary panel of real estate development experts to develop recommendations to update The Magnificent Mile’s distinct identity and enhance its draw as a premier retail, entertainment, and tourism destination. ULI Chicago Technical Assistance Panel (TAP) members interviewed over 60 stakeholders and worked collaboratively over two days to develop their recommendations.

ULI Chicago is hosting a virtual community meeting to present these recommendations on Monday, December 6, 2021, at 6 pm (CT). Registration for the Zoom webinar is open now.

“Preserving The Magnificent Mile’s place as a global destination is critical to the economic health and tax base of the City of Chicago,” said Alicia M. Berg, ULI Chicago Panel Chair and Assistant Vice President for Campus Planning + Sustainability, University of Chicago. “To that end, we’ve assembled a diverse group of leading real estate and planning professionals from across the city to offer their recommendations to ensure The Mile’s sustainability and vibrancy for years to come. ULI Chicago is excited to present both near-term and longer-term actions to help reenergize North Michigan Avenue,” she added.

“The central area is an economic driver for the entire region and it’s imperative that we proactively look at the future of streets like North Michigan Avenue,” Chicago Department of Planning and Development Commissioner Maurice Cox said. “Planning staff is closely engaged in this process and we look forward to reviewing and considering how to implement the panel’s recommendations.”

“With nearly 1/5th of the total jobs in Chicago, some of the state’s top tourist attractions, and a population equivalent to the 9th largest city in Illinois, The Magnificent Mile district is truly an economic engine for Chicago and Illinois,” said Kimberly Bares, President & CEO of The Magnificent Mile Association. “We were honored to participate in the ULI TAP process and now look forward to working with the City and other partners to implement the TAP recommendations and build a vibrant, exciting future for North Michigan Avenue that welcomes all Chicagoans and visitors.”

Central City Recovery
The ULI Chicago TAP for the Magnificent Mile was convened as part of the City of Chicago’s Central City recovery planning efforts. A TAP for LaSalle Street is being finalized and details will be released soon.

Central City Recovery Roadmap
The Central City Recovery Roadmap report was issued in June 2021 by the City of Chicago and the Chicago Central Area Committee to provide post-COVID downtown recovery strategies to revitalize and draw visitors back to the downtown area.

Chicago Loop Alliance State Street Planning
Chicago Loop Alliance, Special Service #1-2015, and the Chicago Loop Alliance Foundation are in the beginning stages of developing the Elevate State Plan to provide a roadmap for the future for the State Street corridor in Chicago’s Loop community area. The plan will focus on key public realm elements such as place, mobility, and market. Further details from Chicago Loop Alliance will be made available in 2022.

“Even before the COVID-19 pandemic hit, the Chicago Loop was rapidly changing—residential demographics, commercial real estate, mobility and more have shifted in a big way compared to even just five years ago, and coronavirus has accelerated all of that,” said Chicago Loop Alliance President and CEO Michael Edwards. “State Street is a connector that plays a big part in making the Loop everyone’s neighborhood, and we intend to develop a corridor plan that looks toward the future and serves all who use ‘that great street.’ Our Elevate State process will engage community members and planning professionals to address what State Street needs to become in order to thrive in these rapidly shifting times.”

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ABOUT
ULI Chicago
The Urban Land Institute (ULI) is a global, member-driven organization dedicated to advancing the Institute’s mission: shape the future of the built environment for transformative impact in communities worldwide. ULI Chicago, a District Council of the Urban Land Institute, has over 1,400 members in the Chicago area representing all aspects of the real estate industry, including developers, property owners, investors, architects, planners, public officials, real estate brokers, appraisers, attorneys, engineers, financiers, and academics. ULI Chicago’s Technical Assistance Panel (TAP) program allows local communities or government agencies an opportunity to access strategic advice from development experts that they could not obtain through any other process. Through its TAP program, ULI Chicago convenes a multidisciplinary team of ULI-members and partners to address complex land use challenges and help sponsors find creative, practical, and implementable solutions.

The Magnificent Mile Association
The Magnificent Mile Association is a private, non-profit membership organization with a mission of preserving, promoting, and enhancing one of Chicago’s most unique, multi-use neighborhoods. In addition to international marketing and planning popular consumer programming year-round, the Association also serves its members with district planning and beautification and incomparable networking opportunities. Members include real estate properties, retail shops, hotels, restaurants, entertainment establishments, institutional and residential properties and various professional services.

Chicago Loop Alliance
Chicago Loop Alliance (CLA)’s mission is to create, manage and promote positive and inclusive programs that attract people to the Loop and accelerate economic recovery. CLA is a membership organization as well as the sole service provider for Special Service Area#1-2015, and the Chicago Loop Alliance Foundation produces public art projects and events. For more information, please visit here.

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