History
After the Great Chicago Fire of 1871, State Street (anchored by Marshall Field's) in the downtown Loop, especially the Loop Retail Historic District, was the city's retailing center. The convenience of mass transit including streetcars and elevated trains, supported a retail corridor along State Street from Lake Street to Van Buren Street. By the 1920s, commuter suburbs began to have significant retail districts. Prior to the bascule bridge construction, swing bridges across the river were open for ship traffic during half the daylight hours. The Rush Street Bridge was the swing bridge for this area. The opening of the Michigan Avenue Bridge in 1920 created a new commercial district. After 1950, suburban development reduced the role of the Loop's daily significance to many Chicagoans as downtown retail sales slipped. However, the Magnificent Mile kept a luxury shopping district close to the central business district.
The concept for the Magnificent Mile was actually part of Daniel Burnham's Plan of Chicago. It was constructed during the 1920s to replace Pine Street, which had formerly been lined with factory and warehouses near the river and fine mansion and rowhouse residences farther north. The earliest building constructions varied in style, but challenged new heights in construction. The name the "Magnificent Mile" is a registered trademark of the Greater North Michigan Avenue Association (GNMAA).
After the Great Depression and World War II, Arthur Rubloff and William Zeckendorf bought or controlled most of the property along this stretch of the avenue and supported a plan by Holabird & Root to construct new buildings and renovation of old ones that took advantage of new zoning laws. Soon the property values driven by the luxury shopping districts were pricing out the nearby artists of Towertown, just south west of the Chicago Water Tower. Having acquired most of the rights to property along the Magnificent Mile at Depression-level prices, Rubloff and Zeckendorf successfully developed and promoted the area until it became one of the most prestigious addresses of the city. That distinction continues to hold today, and spurred the continuing erection of more high-rise apartments and new investment along the Magnificent Mile and throughout the Near North Side.
The opening of the 74-story Water Tower Place in 1975 marked the return of Chicago to retailing prominence. By 1979, the State Street commercial corridor had lost its commercial vitality and was closed to street traffic for renovation including sidewalk widening until 1996.
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