▁now ▁the ▁Loop ▁north ▁of ▁Mad ison ▁Street ▁and ▁west ▁of ▁State ▁Street . ▁The ▁S aug an ash ▁Hotel , ▁the ▁first ▁hotel ▁in ▁Chicago , ▁was ▁built ▁in ▁ 1 8 3 1 ▁near ▁Wolf ▁Point ▁at ▁what ▁is ▁now ▁the ▁north western ▁corner ▁of ▁the ▁Loop . ▁When ▁Cook ▁County ▁was ▁incorpor ated ▁in ▁ 1 8 3 1 , ▁the ▁first ▁meeting ▁of ▁its ▁government ▁was ▁held ▁at ▁Fort ▁D ear born ▁with ▁two ▁represent atives ▁from ▁Chicago ▁and ▁one ▁from ▁N aper ville . ▁Ex cept ▁for ▁the ▁Fort ▁D ear born ▁res ervation ▁( which ▁wouldn ' t ▁become ▁part ▁of ▁the ▁city ▁until ▁ 1 8 3 9 ) ▁and ▁land ▁rec laimed ▁from ▁Lake ▁Michigan , ▁the ▁entire ty ▁of ▁what ▁is ▁now ▁the ▁Loop ▁was ▁part ▁of ▁the ▁Town ▁of ▁Chicago ▁when ▁it ▁was ▁initially ▁incorpor ated ▁in ▁ 1 8 3 3 . ▁ ▁The ▁area ▁was ▁b ust ling ▁by ▁the ▁end ▁of ▁the ▁ 1 8 3 0 s . ▁Lake ▁Street ▁started ▁to ▁be ▁a ▁center ▁for ▁ret ail ▁at ▁that ▁time , ▁until ▁it ▁was ▁e cli ps ed ▁by ▁State ▁Street ▁in ▁the ▁ 1 8 5 0 s . ▁▁ 2 0 th ▁century ▁ ▁By ▁ 1 9 4 8 ▁an ▁estimated ▁one ▁million ▁people ▁came ▁to ▁and ▁went ▁from ▁the ▁Loop ▁each ▁day . ▁After wards , ▁sub urban ization ▁caused ▁a ▁decrease ▁in ▁the ▁area ' s ▁importance . ▁Starting ▁in ▁the ▁ 1