All signs point to retail real estate visibility on Chicago’s Magnificent Mile.
The city is updating its sign regulations amid efforts to revitalize Michigan Avenue, State Street and Wabash Avenue by permitting larger and more varied signage options, Crain’s reported.
Foot traffic in Chicago’s Loop is still recovering amid rising e-commerce activity, and the decision is a win for developers seeking to enhance property appeal and reduce vacancy.
“Not only does the Mag Mile need to get its occupancy rate up, but it needs to attract these creative retailers,” said John Vance, a principal at Stone Real Estate. “If you don’t have that ability to create signage that is visible, creative and interesting enough to get that person across the threshold, that’s going to affect revenue.”
On Michigan Avenue, from Roosevelt Road to Oak Street, the maximum sign area could be expanded from 2 to 3 square feet per linear foot of frontage. Previously restricted signage, such as banner and projecting signs, illuminated letters, logos and interior digital displays could be allowed. And sizes for window signs and awning lettering could be increased.
More signage types would also be allowed on State Street and Wabash Avenue, between Wacker Drive and Harrison Street. A 3-foot setback requirement for window signs would be removed. And awning lettering would be allowed to carry additional content.
Both areas would also have increased flexibility for theater marquees, backed by support from groups like Broadway in Chicago.
Retailers have been leaving the Magnificent Mile for other parts of Chicago. For example, luxury brand Bottega Veneta relocated in summer of last year to Oak Street, which is seen as a safer and more attractive location for luxury shopping. And real estate in the Gold Coast tends to land the biggest deals, such as clothing brand Kith’s recent full-building lease.
These revisions come through Mayor Brandon Johnson’s “Cut the Tape” initiative, announced this summer, which included more than 100 policy change ideas, based on feedback from property owners, tenants and Urban Land Institute experts.
The city’s Zoning Committee approved the changes this week, and the measure now moves to the full City Council. If approved, it would be the first approval of updated sign regulations in decades.
The area’s aesthetic won’t change dramatically, said Kimberly Bares, CEO of the Magnificent Mile Association.
“These are smaller initial changes that make doing business in Chicago easier but certainly don’t make wholesale changes,” she said. “Folks will not come to Michigan Avenue or State Street and all of a sudden feel like they’re in downtown Hong Kong.”
— Andrew Terrell
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