The Loop, one of Chicago's 77 designated community areas, is the central business district of the city and is the main section of Downtown Chicago. Home to Chicago's commercial core, it is the second largest commercial business district in North America and contains the headquarters and regional offices of several global and national businesses, retail establishments, restaurants, hotels, and theaters, as well as many of Chicago's most famous attractions. It is home to Chicago's City Hall, the seat of Cook County, and numerous offices of other levels of government and consulates of foreign nations. The intersection of State Street and Madison Street is the origin point for the address system on Chicago's street grid. Most of Grant Park's 319 acres (1.29 km2) are in the eastern section of the community area. The Loop community area is bounded on the north and west by the Chicago River, on the east by Lake Michigan, and on the south by Roosevelt Road.
In 1803, the United States Army built Fort Dearborn in what is now the Loop, the first settlement in the area sponsored by the United States' federal government. When Chicago and Cook County were incorporated in the 1830s the area was selected as the site of their respective seats. Originally mixed use, the character of the area became commercial starting in the 1870s, especially after it was mostly destroyed in the Great Chicago Fire of 1871. At that time some of the world's earliest skyscrapers were constructed in the area, starting a legacy of architecture that continues to this day. In the late 19th century, cable car turnarounds and a prominent elevated railway loop encircled the area, giving the Loop its name. Starting in the 1920s many highways were constructed in the Loop, most prominently U.S. Route 66, which opened in 1926 with its eastern terminus in the area.
While dominated by offices and public buildings, its residential population boomed during the latter 20th century and first decades of the 21st; its population has increased the most of Chicago's community areas since 1950.
History
Etymology
Some believe the origin of the term Loop is derived from the cable car, and especially those of two lines that shared a loop, constructed in 1882, bounded by Van Buren Street, Wabash Avenue, Wells Street, and Lake Street . Other research has concluded that "the Loop" was not used as a proper noun until after the 1895–97 construction of the Union elevated railway loop.
19th century
In what is now the Loop, on the south bank of the Chicago River near today's Michigan Avenue Bridge, the United States Army erected Fort Dearborn in 1803, the first settlement in the area sponsored by the United States. When Chicago was initially platted in 1830 by the surveyor James Thompson, it included what is now the Loop north of Madison Street and west of State Street. The Sauganash Hotel, the first hotel in Chicago, was built in 1831 near Wolf Point at what is now the northwestern corner of the Loop. When Cook County was incorporated in 1831, the first meeting of its government was held at Fort Dearborn with two representatives from Chicago and one from Naperville. The entirety of what is now the Loop was part of the Town of Chicago when it was initially incorporated in 1833, except for the Fort Dearborn reservation that became part of the city in 1839 and land reclaimed from Lake Michigan.
The area was bustling by the end of the 1830s. Lake Street started to be a center for retail at that time, until it was eclipsed by State Street in the 1850s.
20th century
By 1948 an estimated one million people came to and went from the Loop each day. Afterwards, suburbanization caused a decrease in the area's importance. Starting in the 1960s, however, the presence of an upscale shopping district caused the area's fortunes to increase.
21st century
The Loop's population has boomed in recent years, having a 158 percent population increase between 2000 and 2020. Between 2010 and 2014, the number of jobs in The Loop increased by nearly 63,000 jobs, or an increase of over 13%.
Economy and employment
The Loop, along with the rest of downtown Chicago, is the second largest commercial business district in the United States after New York City's Midtown Manhattan. Its financial district near LaSalle Street is home to United Airlines, Hyatt Hotels & Resorts, and CME Group's Chicago Board of Trade and Chicago Mercantile Exchange.