Doing Business in Old Town · which served as functional places for both the production of art and seeing innovative works of art. In the 1900’s, businesses like Dr. Scholl’s

Doing Business Doing Business in Old Townin Old Town

About Old TownAbout Old Town

Old Town is one of the most historic communities in Chicago. It has been Chicago’s center for arts and culture for decades, as well as the birthplace of nationally recognized brands and businesses. Today, the neighborhood is filled with many shops, restaurants and entertainment, with something for everyone.

Beginning in the 1920s, the neighborhood became an epicenter of art and culture. Artists like Sol Kogen and Edgar Miller began investing in the neighborhood by creating spaces, known as the Carl Street Studios, which served as functional places for both the production of art and seeing innovative works of art.

In the 1900’s, businesses like Dr. Scholl’s and Crate & Barrel first-opened their doors in the Old Town neighborhood. Today many small businesses still line the streets in Old Town, including some that are multi-generational and others that have expanded across Chicago and the surrounding area.

During the 1950’s and 1960’s, the area became a diverse place of culture and counterculture, and an entertainment destination. The Old Town School of Folk Music brought musicians such as Bob Gibson and Bonnie Kolac into the neighborhood at infamous venues like Mother Blues. The world-famous The Second City, a comedy theater known for its sketch and improvisation comedy, opened in Old Town in 1959 and since then has produced some of the most notable names in comedy.

Today, Old Town is a hip and fun urban neighborhood and is home to some of the best shops, restaurants and entertainment venues in Chicago. We welcome you to see it for yourself!

Old Town’s location to downtown has made it appealing to young

professionals. The quick commute to work via public transportation

and attractive amenities in the community have made this

neighborhood one of the hottest real estate markets in Chicago.

Old Town residents are some of the strongest supporters of local businesses. Old Town’s residents

have an average household income of $88,651 and $1,873,458,603 in

retail spending power (ESRI. 2017).

The historic bohemian charm of the neighborhood has remained a draw for tourists in Chicago. Old Town is a neighborhood that has an authentic, cohesive identity

that is only minutes from a concentration of hotels and other

major tourist attractions.

Location

Doing Business in Old Town | Old Town Merchants and Residents Association | 2021

Local Shoppers Historic Charm

Neighborhood Anchors Neighborhood Anchors

Since the mid-1900’s, the Old Town neighborhood has been a center for culture and counterculture. From this came a focus on arts and entertainment in the community. Today, Old Town is home to three theaters: A Red Orchid Theatre, The Second City, and Zanies Comedy Club. Each bring their own style of theater and offer Chicago many ways to enjoy the arts. Old Town also features the Chicago History Museum, offering outstanding exhibits that showcase Chicago’s storied past, and is excited to welcome the U.S. premiere of Immersive Van Gogh to the neighborhood in February 2021.

THEATRE DISTRICT

The Second CitySince opening its doors 1959, The Second City has grown to become the world’s premier comedy club, theater, and school of improvisation, entertaining 1 million theatergoers a year around the globe.

Zanies Comedy ClubCelebrating their 40th anniversary in 2018, Zanies delivers nationally touring stand-up comedians nightly.

A Red Orchid TheatreFounded in 1993, A Red Orchid Theatre has become one of the leading theatres in the dynamic Chicago theatre scene. Their commitment to the idea of producing innovative work that allows artists (both ensemble and non-ensemble members) to grow has made A Red Orchid Theatre one of the most respected small theatre companies in Chicago.

Museums and Exhibitions

Chicago History MuseumCHM’s mission—to share Chicago’s stories, serving as a hub of scholarship and learning, inspiration, and civic engagement—is the foundation of the Museum’s programs and events, exhibitions, educational initiatives, publications, and collecting activities that touch the lives of all Chicagoans and help them make meaningful and personal connections to history.

Immersive Van GoghOpening in the recently renovated landmark Germania Club Building, Immersive Van Gogh, is a visually spectacular digital art exhibition that recently received widespread critical acclaim and was the highest ticketed event on Ticketmaster in the summer of 2020. Audiences are invited to “step inside” the iconic works of post-Impressionist artist Vincent van Gogh, evoking his highly emotional and chaotic inner consciousness through art, light, music, movement and imagination.

Who we areWho we are

Since our establishment in 1971, the Old Town Merchants and Residents Association (OTMRA) has served as the voice of the Old Town community advocating city services for businesses and residents. Working in partnership with our local aldermen, the OTMRA addresses issues concerning development in the neighborhood, streetscape maintenance, business development, and promotion of the neighborhood as a destination in Chicago. The OTMRA also hosts regular social events, informational workshops, business roundtables, and the Wells Street Art Festival every June.

Old Town Special Service Area #48

Special Service Areas (SSAs) are locally controlled, locally funded taxing districts used for local community development. They are governed by local taxpayers, and the funds generated are used for programs related to public way beautification and maintenance, enhanced security, and landscaping services. Old Town SSA #48 was established on December 9, 2009 and was reconstituted in 2018. On January 1, 2019, the boundaries of SSA #48 were expanded to operate in more areas of Old Town. The Old Town SSA offers different services and programs for it’s designated area.

Our ServicesLANDSCAPING: Landscaping services include planter box maintenance, tree bed maintenance, and streetscape decorations. BEAUTIFICATION: Beautification services include litter removal, graffiti removal, snow removal, streetscape repainting, and sidewalk pressure washing. SECURITY: Security services include on-street security patrols throughout the week and on weekends to help with crowd control. They work with the 18th District police to help deter crime. REBATE PROGRAMS: The SSA offers rebate programs to businesses to help them compete in the current business environment. Past examples have included reimbursing businesses for investing in their digital marketing and purchasing PPE for customers and employees. For more information on the Old Town SSA or to learn about quarterly public meetings, please visit the OTMRA website.


Old Town EventsOld Town Events

OTMRA Events

Old Town Theater Week – Late Winter/Early SpringOld Town Theater week is the yearly celebration of the robust theater community in the neighborhood. The event includes week-long deals across Chicago’s historic Old Town neighborhood, allowing residents and visitors a chance to experience Old Town’s historic theater scene. This event takes place each early in late winter/early spring.

Small Business Week – First Business Week in MayThe Old Town Merchants and Residents Association participates in the national Small Business Week by hosting different workshops and social events for small businesses in Old Town.

Annual Wells Street Art Festival – Second Weekend in JuneArt enthusiasts are guaranteed to find plenty of inspiration at the Wells Street Art Festival, which will be held for the 46th time in 2021. Held on the popular Wells Street strip between North Avenue and Division in Chicago’s historic Old Town neighborhood, it’s a treasure trove of creativity and much more.

Annual Old Town Restaurant Walk – July Experience the incredible food scene in the Old Town neighborhood unlike you’ve ever done before. Sample tastes from different restaurants as you traverse the neighborhood along your chosen route.

LiveWell Week – Week of Chicago MarathonIn the lead up to the Chicago Marathon, which runs through Old Town on Wells Street, the Old Town Merchants and Residents Association holds LiveWell Week, an event highlighting the health and wellness businesses in Old Town.

Old Town Tree Lighting – Early December

Green City MarketMay – October – Lincoln Park

Old Town Art FairJune – Old Town Triangle

Wells Street Art FestivalJune – Wells Street

Chicago Hot Dog FestivalAugust – Chicago History Museum

Chicago Air & Water ShowAugust – North Avenue Beach

Chicago Marathon October – LaSalle Street, Sedgwick Street, North Avenue, Wells Street

Old Town Neighborhood Events

Old Town at a GlanceOld Town at a Glance

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2019 2020

Vacancy Rate Area Comparison

Old Town Near North/River North Region/Total CBD

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Average Commerical Rent Comparison


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2019 2020

Average Office Rent Comparison


Old Town is home to a population that has above average spending power in comparison to the City of Chicago. The growing population is also becoming younger and we believe the 2020 census will further demonstrate this demographic shift.

Looking at the surrounding Near North community and metropolitan Chicago, Old Town offers competitive rates for both commercial and retail spaces. The low occupancy rate in the neighborhood demon-strates the success of businesses in the area in the midst of real estate growth.


Total Population 16,181 2,740,225Total Households 9,311 1,081,334Average Household Size 1.73 2.48Population Change (2010-2020) 9.1% 1.6%

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19 and Under 3,014 18.6% 667,907 24.4%20 to 34 5,537 34.2% 714,133 26.1%35 to 44 3,317 20.5% 394,691 14.4%45 to 64 3,880 24.0% 611,474 22.3%65 and up 2,074 12.8% 352,020 12.8%Median Age 35.9 34.8

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Less than $50,000 2,493 26.8% 479,861 44.4%$50,000-$74,999 1,064 11.4% 169,433 15.7%$75,000-$99,999 1,141 12.3% 113,765 10.5%$100,000-$149,999 1,752 18.8% 147,907 13.7%$150,000 and over 3,831 41.1% 170,368 15.8%Median Household Income $109,298 $56,976

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*The Old Town Neighborhood makes up the northern portion of the Near North Community Area

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Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020.

Old Town Business MixOld Town Business Mix

Other; 11%

Real Estate;

3%

Restaurants; 31%

Retail; 18%Health & Beauty;

16%

Community Institutions;

8% Culture; 6%

Professional Services; 6%

The Old Town neighborhood is home to a thriving business community. With a growing population, there is a need for many products and services for residents. See below for the current business mix in Old Town, as well as the retail gap.

Total Retail Trade and Food & Drink $948,716,213 $643,130,909 $1,550,197,870

Total Retail Trade $991,873,072 $1,416,823,597 $2,774,290,865

Total Food & Drink -$43,156,860 -$773,692,688 -$1,224,092,994

Motor Vehicle & Parts Dealers $117,353,392 $754,729,387 $1,760,994,510

Automobile Dealers $59,170,129 $573,043,158 $1,401,685,711

Other Motor Vehicle Dealers $25,172,918 $75,955,239 $149,391,485

Auto Parts, Accessories & Tire Stores $33,010,344 $105,730,990 $209,917,315

Furniture & Home Furnishings Stores $505,870 -$241,634,906 -$166,453,741

Furniture Stores -$6,267,898 -$131,327,717 -$91,032,312

Home Furnishings Stores $6,773,768 -$110,307,189 -$75,421,430

Electronics & Appliance Stores $49,363,665 $15,939,108 $13,666,373

Bldg Materials, Garden Equip. & Supply Stores $98,790,141 $257,806,591 $423,745,348

Bldg Material & Supplies Dealers $89,233,080 $222,894,129 $356,690,517

Lawn & Garden Equip & Supply Stores $9,557,061 $34,912,462 $67,054,832

Food & Beverage Stores $114,193,625 $377,166,479 $446,218,719

Grocery Stores $93,849,487 $331,305,930 $390,183,285

Specialty Food Stores $10,631,618 $12,824,890 $14,137,820

Beer, Wine & Liquor Stores $9,712,520 $33,035,660 $41,897,614

Health & Personal Care Stores $65,234,341 $107,256,348 $128,081,597

Gasoline Stations $179,763,760 $461,138,788 $962,678,172

Clothing & Clothing Accessories Stores $8,868,916 -$572,240,052 -$664,450,914

Clothing Stores -$3,772,365 -$499,963,675 -$528,122,960

Shoe Stores $4,077,073 -$35,727,701 -$41,896,596

Jewelry, Luggage & Leather Goods Stores $8,564,207 -$36,548,676 -$94,431,356

Sporting Goods, Hobby, Book & Music Stores $18,967,399 -$10,341,703 -$13,714,998

Sporting Goods/Hobby/Musical Instr Stores $17,432,989 $23,254,080 $52,833,325

Book, Periodical & Music Stores $1,534,410 -$33,595,782 -$66,548,323

General Merchandise Stores $301,291,233 $592,399,619 $978,787,068

Department Stores Excluding Leased Depts. $210,052,037 $291,256,621 $670,587,381

Other General Merchandise Stores $91,239,196 $301,142,998 $308,199,687

Miscellaneous Store Retailers $14,332,857 -$108,837,852 -$735,696,208

Florists $212,234 $2,814,281 -$3,783,443

Office Supplies, Stationery & Gift Stores $3,500,020 -$8,612,608 -$18,221,440

Used Merchandise Stores $5,529,496 $2,096,721 $2,496,090

Other Miscellaneous Store Retailers $5,091,109 -$105,136,246 -$716,187,413

Nonstore Retailers $23,207,871 -$216,558,210 -$359,565,062

Electronic Shopping & Mail-Order Houses $14,907,147 -$228,383,664 -$392,434,900

Vending Machine Operators $1,470,362 $4,657,032 $9,228,338

Direct Selling Establishments $6,946,405 $7,168,423 $23,641,500

Food Services & Drinking Places -$43,156,860 -$773,692,688 -$1,224,092,994

Special Food Services $99,939 -$15,878,941 -$55,490,442

Drinking Places - Alcoholic Beverages -$21,799,450 -$124,118,581 -$199,676,997

Restaurants/Other Eating Places -$21,457,348 -$633,695,165 -$968,925,555

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Source: ESRI 2020

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Old Town Old Town Business CorridorsBusiness Corridors

Division Street is the border between Old Town and the Near North neighborhood. It is the home to thousands of residents in large residential buildings like Old Town Park and The Sinclair. The strip of Division Street in Old Town is home to traditional anchor businesses like a Target and four supermarkets, making it a prime location for large residential buildings like The Sinclair and Old Town Park, which has added over 1,500 residential units in the last few years. Division street has many urban amenities like Seward Park and abundant public transportation options including the Clark/Division Red Line stop.

Wells Street - Average Rent: Commercial - $40.21 (Rt/SF), Office - $22.88

North Avenue - AVG Rent: Commercial - $38.01 , Office - $24.35

Clybourn corridor - Avg Rent: Commercial - $32.53, Office - $22.50

Division Street - AvG REnt: Commerical - $42.01, Office - $22.50

Visitors to Wells Street will find a walkable neighborhood main street that offers an eclectic blend of boutiques, retailers, and entertainment options, some of whom have been in business for generations. Popular attractions include theaters like The Second City and A Red Orchid Theatre that pair nicely with a meal at one the many restaurants on the strip. Residents along Wells Street are passionate about their community and tend to offer strong financial support to their local merchants. Beginning construction in 2021, the Duke of Wells, a new boutique hotel that will house thousands of visitors to Old Town. Wells Street is accessible by CTA both by bus and train, and its proximity to Lake Shore Drive and downtown Chicago makes it a haven for after-work and weekend entertainment.

North Avenue is the northern gateway to Old Town, offering economic anchors, transportation, and green space. Tourist attractions like The Second City and the Chicago History Museum reside on the long corridor, bringing thousands of people to Old Town each year. Neighborhood favorites line the street, from bars that have been around for decades to newer businesses just opened in the last few years. North Avenue is served by the #72 CTA bus east and west and another six buses intersect going north and south (#8, #22, #36, #37, #151, #156). This is in addition to two CTA L stops at North & Clybourn (Red Line) and Sedgwick (Brown Line). At the east end of Old Town lies the southern end Lincoln Park, the largest green space in Chicago. North Avenue is also home to thousands of residents and hundreds of new housing units in the growing Old Town neighborhood.

Home to local gems and national retailers, the Clybourn Corridor is sandwiched by two retail centers, Old Town Square, a traditional retail strip mall to the south and New City, a modern city oasis that offers housing, entertainment, and retail to the north. Each of these shopping destinations is easily connected to public transportation and provides plenty of parking. Commercial retailers like Apple line the street and additional popular chains such as REI and Whole Foods are blocks away. Three schools utilize the area surrounding the corridor making it prime for foot traffic in the daily commute. The Clybourn Corridor area is also anchored by green space throughout the district with Seward Park on the southern end and Stanton Park inthe central area. These green spaces draw thousands of people each year for culture and recreational programming.


Map of Old TownMap of Old Town

LegendCTA Red Line

CTA Brown LineCTA Purple Line

old town neighborhood boundaries

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How to Get Here

TrainVia CTA on the Brown Line (Sedgwick Stop) and the Red Line (Clark/Division Stop)

BusClark (#22), Broadway (#36), Sedgwick/Fullerton (#37), Division (#70), North Ave (#72), and LaSalle (#156)

CarAccessible from Lake Shore Drive and all major roads

Old Town Merchants and Residents AssociationThe Old Town Merchants & Residents Association (OTMRA) was formed in 1971 and has grown into an organization that runs programs for business and events that help grow Old Town into a vibrant destination near downtown Chicago. OTMRA organizes large-scale festivals like the Wells Street Art Festival, hosts a series of networking events, community enhancement, and community outreach events that give stakeholders an opportunity to weigh in on the future of Old Town. OTMRA is also a small business development center through the City of Chicago and provides over 100 business consultations annually.

SSA 48 Old TownFor more than 28 years, the Special Service Area (SSA) program has provided communities with the financial means to create, maintain and manage clean, attractive and competitive districts. SSA 48 Old Town offers business owners and residents on Wells Street with services that keep it a functional and vibrant commercial corridor. These services include weekend security services (approx. $109,000), snow removal (approx. $100,000), landscaping and holiday decorating (Approx. $40,000), taxi cab stands (approx. $15,000), and sidewalk litter removal (approx. $36,000).

Old Town Merchants and Residents Association 1543 North Wells Street, Lower Level Chicago, Illinois 60610 312 – 951 – 6106 [email protected]

Documents

Doing Business in Old Town · which served as functional places for both the production of art and seeing innovative works of art. In the 1900’s, businesses like Dr. Scholl’s