One of the more interesting Chicago real estate stories this week isn't a new condo tower or office conversion.
It's the fact that Trump Tower Chicago finally filled its retail space.
For anyone keeping score, the riverfront retail portion of the building sat vacant for roughly 17 years. That's pretty remarkable when you consider the location, the visibility, the luxury residences above, and the amount of foot traffic along the Chicago River.
I was a junior in college when Trump Tower opened, but even then it was impossible to miss. Love it or hate it, it was one of the biggest development stories in Chicago at the time.
What's always surprised me is that the retail never worked.
Until now.
I know some people will immediately focus on the name attached to the building. That's their choice.
From a real estate perspective, though, I see something simpler:
- A long-vacant storefront is becoming occupied.
- A business is investing in downtown Chicago.
- Another section of riverwalk frontage is being activated.
Those are all positive developments.
Sometimes real estate isn't complicated. Occupied is better than vacant.
After 17 years, one of Chicago's most visible empty retail spaces finally found a tenant.
That's a good thing.
