Is Chicago’s Fulton Market District on the Verge of a Housing Boom?
What’s a sure sign that a neighborhood is hot? A Starbucks, or two, of course.
That’s why it’s exciting news that Starbucks plans to open a new upscale store focused on its rarer coffees in Chicago’s Fulton Market district.
Crain’s Chicago Business recently reported that Starbucks is opening a flagship store devoted to its rare small-batch coffees at a two-story building at 1000 W. Randolph Street in the Fulton Market district. The coffees that this Starbucks sell will be marketed under the Reserve brand name. The new store won’t look like other Starbucks locations, according to the Crain’s story.
Crain’s reports that Starbucks began rolling out its Reserve store concept late in 2014 with a 15,000-square-foot Starbucks Reserve Roastery & Tasting Room in Seattle. No one knows yet what the store will be called in Chicago. But when Starbucks first announced plans for the new concept, it had selected Chicago as one of the first five U.S. cities that it was targeting.
Starbucks has leased 3,100 square feet in the building at 1000 W. Randolph Street.
The Fulton Market district is in the middle of a growth spurt when it comes to new businesses. Google, for example, opened its Midwest headquarters in the building that was once home to Fulton Market Cold Storage at 1000 W. Fulton Market. That building is two blocks north of where the new Starbucks store will set up shop.
The new Starbucks is yet another sign of how desirable Chicago is to big-name retailers. And this is good news for the city’s residential housing market. As new businesses, especially desirable ones such as Starbucks, open in a neighborhood, it helps increase the value of housing in an area. The Fulton Market District, then, could be yet another strong housing performer among Chicago’s many thriving neighborhoods.