ULI Chicago, with support from the City of Chicago Department of Planning and Development (DPD), is in the process of conducting two Technical Assistance Panels (TAPs) as part of the City of Chicago’s Central City recovery planning efforts. The two TAPs are focused on: updating Chicago’s Magnificent Mile (completed October 2021) and looking at LaSalle Street in the Loop (January 2022).
In partnership with DPD and The Magnificent Mile Association, ULI Chicago convened a multi-disciplinary panel of real estate development experts to develop recommendations for redevelopment in the City of Chicago’s downtown: The Magnificent Mile’s distinct identity and enhance its draw as a premier retail, entertainment, and tourism destination. ULI Chicago TAP members interviewed over 60 stakeholders and worked collaboratively over two days to develop their recommendations.
“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 TAP chair and assistant vice president for campus planning and 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,” said Maurice Cox, Chicago Department of Planning and Development Commissioner. “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 one fifth 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 and 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.”