State Street has been counted out more times than a deck of cards over the years, but it has still managed to hang on — and even reinvent itself from time to time.
That’s why we’re not overly concerned about the Old Navy clothing store closing its 150 N. State St. location last week.
Of course, we’d rather the establishment had stayed open. But we’re betting its prime former spot at State and Randolph streets will find a new tenant, just as the Blick art supply store found a new home last fall in the landmark Old Heidelberg Restaurant, 16 W. Randolph St.
Besides, there’s a bigger issue afoot than what will happen at 150 N. State St.: the future of that Great Street itself.
State Street is not alone
State Street isn’t the only downtown Chicago thoroughfare in need of reexamination.
Last month, developers responded to Mayor Lori Lightfoot’s billion dollar call to rethink the flagging La Salle Street financial district.
Called “La Salle Street Reimagined,” the proposal — with the help of city subsidies — would convert vacant office and commercial spaces along the strip into other uses, including housing.
And at least 30% of the new housing within the district would be affordable, as dictated by a city ordinance passed last year.
City officials said they will study the proposals to see which ones are feasible and how much public financial support might be required.
Meanwhile, North Michigan Avenue is experimenting with pop-up stores to fill vacancies and bring more foot traffic to the struggling retail street.
Chicago Loop Alliance President and CEO Michael Edwards said the Old Navy spot is likely to find a suitor.
“Somebody will see the corner as better for them [and move in],” he said. “The [retail] corners north of Monroe are pretty good.”
Edwards said his group will bring in experts this year to figure out a new identity for State Street. The new State Street effort will replace one that started before and was hobbled by the pandemic, he said.
The monthslong process could be similar to the one that brought about new ideas for La Salle Street.
“I think we’re going to get something like that for State Street,” Edwards said. “And part of what helps are great corners like [Randolph and Monroe].”
There are a lot of things to consider along the street.
The potential good: A glassy new $200 million CTA L station at State and Lake streets is still being planned.
The bad: The federal government and U.S. General Service Administration’s harebrained plan — aided and abetted by U.S. Sen. Richard Durbin’s, D-Ill., $54 million federal earmark — to demolish the Century and Consumers buildings, a pair of early and landmark-worthy skyscrapers at Adams and State streets.
The government wants the buildings torn down because it fears the public’s access to them would endanger federal judges at the nearby Dirksen Federal Courthouse.
But as this editorial board wrote in 2019: “What’s best for Chicago … would be a solution that still allows the buildings to be redeveloped.”
The lingering effects of the pandemic and the citywide problem of crime have contributed to downtown’s woes, but market forces remain the larger issue.
La Salle Street is vacating because the law firms and financial institutions that have been its bread and butter for a century are now moving to glassy new towers along the Chicago River.
And for State Street and Michigan Avenue, the ease of internet shopping continues and fewer people commuting downtown for work represent a retail sea change as formidable as the rise of the suburban mall in the 1970s and 1990s.
But downtown’s two major shopping districts adapted to the new realities then. They must now do so again.
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