The people behind North Loop hotspot The Loop snatched up the former Old Chicago space on First Ave. and slapped up 508, following The Loop’s successful formula—a sleek interior, plenty of Red Bull/vodkas, a dance floor, and some pretty girls thrown in for good measure. This space has two levels and is much larger than the tiny Loop space, so hopefully patrons can spend a little more time inside and a less time waiting outside behind the velvet rope.