Economic Downturn and Potential of Bridgeport, Chicago

Ramova Theatre, out of business since 1985. Photo by Lauren Yard

By Alheli Garcia, Stephen Ruiz, and Lauren Yard

Bridgeport, a community of nearly 32,000 people located on the South Side, is known for its blue and white collar workmanship and diverse community developed nearly 200 years ago.

Neighborhoods in Bridgeport historically thrived mainly on local businesses including restaurants, convenience stores and department stores.

The once thriving community is now primarily filled with vacant storefronts as shown in the story map below. Due to a deteriorating economy, many storefronts are now vacant. This causes local market values to decrease significantly.

“Businesses were better back then when the stores weren’t vacant here,” said Elaine Sakellariou, owner of George’s Restaurant located down the street from Guaranteed Rate Field. “All the kids in the neighborhood had a job back then and would start working at 14 years old. The storefronts were full; if you needed shoes or a dress for a party, there were stores to go to.”

Sakellariou, like many Bridgeport residents, said she feels a sense of nostalgia longing for the days when residents occupied the streets of Bridgeport, and there was an abundance of economic prosperity in the neighborhood. Over the last 20 years, the economic stability of the Bridgeport community, once prominent, now fails to live up to its former glory.

“There is more supply than there is demand,” said Cook County’s Deputy Assessor of Communications Tom Shaer. “That is going to reduce the rental prices that occupied buildings can charge, therefore their income goes down.”

As rental income goes down, the profit margins for business property owners decreases and ultimately inhibits the growth of the local economy. While some businesses have survived the economic downturn, they still face some discouraging side effects.

Shaer also explained that potential negative effects of the crashing local business economy on taxpayers is alleviated in part by the economic growth and development within Cook County as a whole. Bridgeport is a small subsection of a larger County that is doing very well overall.

As a result residential and commercial property owners in  Bridgeport will not have taxes that are significantly increased because of the extreme changes in Market values of unoccupied businesses. For the most part it is the market values alone that decrease.

Sakellariou believes the main reason that so many stores are vacant is partially due to the significant drop in local business. There is now a lack of variety in the types of stores.The lack of economic movement in the area due to the vacant businesses has affected the entire neighborhood.

Sakellariou said that the vacant storefronts on South Halsted have directly affected her business. She states,

“There were thousands of jobs in the neighborhood, factories like Wrigley Gum, Joslin, Speagles and the workers from those factories would come here for lunch,” she said. “The traffic through here during lunch and dinner time kept businesses open. But things have changed- people aren’t even as sociable as they used to be. Everyone used to know each other around here. The vacant storefronts have really caused an effect on our businesses in this area.”

The financial downturn in Bridgeport is also due in part to the lack of parking availability and deteriorating infrastructure. According to Keri Lee and Warren Wu, current employees of Outlet Kingdom located on 3451 S. Halsted,

“The issue we are having is our customers being issued tickets while they shop here because of the lack of parking spaces available. The potholes in the area are bad too, there are a few parking spaces behind the store but customers are wary to park back there with the potholes and ticketing that is warranted. A lot of our customers live in the area and just walk over. I think because of this, people are afraid to open new stores around here- Even the Athletico across the street has moved.”

Despite the number of economic issues in this community, the affordable cost of living in this neighborhood is attracting many millennials including students and new families.

As the Bridgeport community grows this could help to reverse the economic downturn by producing more local business. Many buildings in this area could be prime locations for gentrification and economic development. As seen in the picture below renovations are taking place on some of the older buildings in the neighborhood.

(Comparison of properties located between 3510 and 3516 S Halsted St after remodeling. 2007 Photo from Cook County Assessor’s Database, 2017 Photo by Lauren Yard)

If Sakellariou’s theory is correct and variety will bring in more business, then gentrification will increase the neighborhood’s businesses. This means that with renovation and gentrification of the neighborhood, Bridgeport could thrive again. As people relocate and invest in this neighborhood and buy inexpensive property they can offer more variety in what kinds of businesses are available.

However, the cost could end up being some of the deep cultural roots that have been planted over the past 200 years may start to lose their hold. The sense of community in this area is going to continue to change.

Lara Ruiz, a long-time employee of George’s Restaurant, hopes the future to be a little brighter in Bridgeport

She states, “Looking forward, we hope to attract more businesses [in Bridgeport]. We hope to get more parking and more word of mouth to bring in more traffic and fill the vacant lots.”

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About stephenablog

Music, sports and data UIC Grad 2017 Searching Freelance writing opportunities in Chicago.
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