It will slow down the development it already has and give a little break to the businesses, Aralis says. I have a good facility that works for me, and I want to stay here. This is right in the heart of the city, at the expressways, and I think the city must maintain balance. The city has been trying to lure such high-tech companies and encouraging developers to cater to them. The West Loop, with its pricey restaurants, urban charm and central location, would seem ripe for these companies and their young workforce.
Residential developers say they face increased competition for space from such office users.
I ve been outbid on five loft buildings by people who want them for e business, Chase says. The newly downzoned market, where residential projects have become difficult if not impossible, is being eyed for such office space. Developer Bill Senne has the Fulton Cold Storage Building, the tallest structure in the market, under contract and is considering a plan to turn it into office space for information technology users. Although he thinks it would make a good residential conversion, he says the alderman probably would not approve apartments or condos for the site. With around 400,000 square feet, Fulton Cold Storage would boost the West Loop s move towards technology.