Many of my clients ask me my thoughts on “Lake Shore East.” Anyone who drives on Lake Shore Drive is at least vaguely familiar with the area due to many of the “glass buildings” that border the drive and the river. However, the question that is always asked is “What is over there?” Up until recently I really didn’t have much to say. All I could tell my clients is that you could walk to a coffee shop, a couple ATMs, the Lake Front and Millennium Park. Outside of that, you had to drive, cab it or go for a long walk. The age old question of “Where is the nearest grocery store” always left me explaining the free shuttle service that was offered to Dominick’s on the other side of the river. For the average busy professional, relying on a shuttle bus seemed less than ideal.
Finally, all the promises that have been made by area Realtors are coming true! Mariano’s a “higher end” style grocery store has finally opened up in Lake Shore East! It is everything you’d expect from a newly built Dominick’s or Jewel but slightly better. A wide range of specialty foods, imported cheeses and of course the typical freshly prepared foods you’d expect from a Whole Foods competitor.
Not only has a grocery store opened but so have two restaurants. III Forks Steakhouse and Filini have recently opened their doors. Obviously III Forks (known as “Three Forks”) is a Steakhouse and Filini, located in the Aqua Radisson Blue Hotel is an Italian concept open for Breakfast, Lunch and Dinner.
It is nice to see one of my absolute favorite areas of the city finally turn into the neighborhood is should have become years ago. From a real estate perspective it will be interesting to see how this affects real estate prices and rental prices. I believe it will have a greater affect on rental prices than sales prices, if it has any affect at all. The reason I say this is I find renters to be a bit more concerned about location over anything else (ironically since real estate prices are always based on location, location, location!). What I always found to be the biggest detraction from Lake Shore East was its remote location. The need to have to take a cab or a car to get your groceries or to quickly run out to a restaurant was a bit of a hassle. However, the remote location of the neighborhood was also one of the most amazing things about it. Here you are, in the heart of downtown Chicago and you’re away from everything and there is true peace and quiet. Now, it is nice to see that Lake Shore East has the best of both worlds.
Ironically, 90% of the units available for LEASE in 340 E. Randolph, 340 On the Park rented last month and supply has also slightly decreased in 420 E. Waterside and 450 E. Waterside known as The Regatta and The Chandler respectively. Only one unit is available for rent in 201 N. Westshore, The Lancaster.