A popular lunch destination in Chicago’s Loop business district that contributed to the national explosion of food halls nearly a decade ago said it will close at the end of the month, but the building owner is vowing to carry on with a new operator.
Revival Food Hall said this week in an Instagram post that it will close the sprawling space at the base of The National office building following an eight-year run. The food hall’s operator, 16” on Center, said it will focus its efforts on the From Here On food hall within the Old Post Office.
“Since reopening after COVID, inviting people back downtown has been our mission,” according to the social media post. “Our vision was that Revival would serve the Loop community for many years to come. Unfortunately, without better business terms from our landlord, Revival cannot continue.”
Revival’s announcement is the latest hurdle for the Loop, an area that has struggled in the four-plus years since the onset of the pandemic to reestablish a flow of office workers, tourists and other foot traffic to support businesses such as bars, restaurants, shops and entertainment venues. The struggle of some urban food halls reflects a challenge that can face U.S. office districts.
The German owner of the historic building at 125 S. Clark St., Commerz Real, said it is working to keep the food hall open under a new operator that it did not identify.
“The Food Hall is a vital part of the experience at The National and in the Chicago community,” a spokesperson said in an email to CoStar News. “While Revival will be departing from The National, we are working closely with a new provider to manage the food hall. Meanwhile, the restaurants are still open to provide the food and service everybody enjoys and expects. Details of the new management will be released in the near future.”
16” on Center co-founder Bruce Finkelman hinted in an email to CoStar News that Revival could potentially reemerge in some form.
“While we have not confirmed plans to reopen Revival at another location, [16” on Center] is extremely proud of the community it has been able to build at our food halls, and while saddened about Revival’s closure, we look forward to the exciting plans we have for the future,” Finkelman wrote. “Stay tuned.”
Changes for the Loop
Despite the news, the Loop has had some recent successes, including tech giant Google’s plans to redevelop and eventually occupy the formerly state-owned James R. Thompson Center and the decision by the nation's largest bank, JPMorgan Chase, to overhaul and continue to occupy its namesake 60-story office tower rather than move to a new building.
Those positive signs have come after major employers such as Bank of America and financial services provider BMO Financial decided in recent years, even before the pandemic, to leave older Loop buildings for new towers along the Chicago River and farther west in Fulton Market.
Revival was part of a movement in which food halls — known for rosters of local, independent restaurants that differ from chain-driven food courts typically found in shopping malls — gained popularity in urban centers throughout the country. The large Chicago space offers downtown workers various lunch options including burgers, hot chicken, empanadas, truffle BLT sandwiches, bratwurst and pizza.
There were just 105 food halls in the United States the year Revival opened, compared with well over 300 in recent years, according to Cushman & Wakefield. Food halls now are moving into new environments, such as college campuses, rural towns and the suburbs.
Chicago-based 16” on Center also owns live music venues and restaurants, including the Salt Shed, Empty Bottle, Longman & Eagle and Thalia Hall.
The hospitality firm is affiliated with Chicago development firm Blue Star Properties, which redeveloped the 20-story former Chicago Public Schools office building at 125 S. Clark with investor Wolcott Group after buying it for $28 million in 2015.
Blue Star, however, hasn’t owned the tower since 2018, when it was sold to Commerz Real for $196.6 million, according to CoStar data.
The office building is just over 25% vacant, according to CoStar.
Recent office leases have included flexible office space provider Workbox taking part of a former WeWork space; Total Quality Logistics expanding in a downtown relocation; and digital parking reservation company SpotHero moving its headquarters within the building in an expansion.