New Chicago Loop Alliance CEO Seeks To Steer Recovery As Downtown Enters New Era
Suzet McKinney’s office line isn’t even set up yet, and she’s already making calls.
The Chicago Loop Alliance’s new president and CEO spoke to Bisnow via Zoom on her first day on the job Monday about how she plans to lead the organization in the Loop’s new era. McKinney is taking the helm of CLA at a critical juncture for the central business district as it emerges from the doldrums of the pandemic.
“It's a lot about riding the momentum that the Loop is seeing, but also figuring out how we can best steer that momentum and how much we can help it to grow,” McKinney said.
The effects of the global crisis slashed downtown office values and left a glut of vacant retail throughout many main streets in the CBD. Now, momentum is growing. More office buildings are starting to trade hands, developers are converting some older office stock to apartments, retail is gradually leasing up, and Google’s ever-closer relocation of its headquarters to the renovated Thompson Center is building anticipation.
Net absorption in the CBD was negative 381K SF in the first quarter, according to a Transwestern report. But Class-B and C properties recorded about 249K SF of positive absorption, the second consecutive quarter of pickup for the classes in the CBD following 23 straight quarters of negative absorption.
McKinney, who has extensive experience with large-scale development, most recently worked as director of life sciences at Sterling Bay, leading the company’s nationwide strategy to expand its life sciences footprint. She has also worked at the Illinois Medical District as CEO and executive director, implementing a billion dollars in new real estate development projects in the area.
“There's a lot of anticipation around how I will take my past experiences and bring them here to Chicago Loop Alliance,” she said.
McKinney assumes the helm of the organization following the 13-year tenure of former President and CEO Michael Edwards, who announced in January that he was stepping down from the role. During Edwards' time at CLA, he helped establish programming to draw people to the Loop, like Sundays on State and Activate.
CLA unveiled the new Loop Arts District at its annual meeting at the end of February, a collective of 90 arts organizations in the area developing its physical identity as an arts and culture destination. The group will work with partners to produce an economic impact study to be released this summer and outline public programming.
McKinney said she wants to make sure CLA’s strategy is grounded in historical trends, as well as challenges and successes in similar cities or submarkets. She pointed to Fulton Market’s visual identity with its row of high-quality restaurants and the vibrant arts scene in Miami’s Wynwood neighborhood as guides for the distinctive flair she wants to establish in the Loop.
Downtown still faces challenges with office vacancies, McKinney said. National economic headwinds may present roadblocks to the area’s recovery, although those issues aren’t unique to the city, she said. She is optimistic that the Loop can overcome those headwinds in time.
“While the Loop has continued to see increased vacancies, that tide is starting to turn,” McKinney said. “The key, from a strategic standpoint, will be to leverage all of the things that are happening and really come together around a community-focused strategy and approach.”
