Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the economy keeps adding hundreds of thousands of jobs each month.
Real Estate
A new business venture from a co-founder of a Chicago weed giant fizzles. The company that gave up the Water Tower Place is now selling it’s big property across the street. And there’s some good news for landlords trying to fill suburban office spaces.
Crain’s Chicago Business reporter Danny Ecker goes behind the latest business headlines.
The $1.73 billion proposal now heads to the Illinois Gaming Board, which must license Bally’s to operate the Chicago casino set to be built along the Chicago River near Chicago Avenue and Halsted Street.
The Chicago City Council is expected to give its final stamp of approval to the Bally’s plan on Wednesday, sending the proposal to the Illinois Gaming Board, which must license Bally’s to operate the Chicago casino set to be built near Chicago Avenue and Halsted Street.
Even though Lightfoot stacked a special City Council committee with her allies to consider the casino proposal, Ald. Tom Tunney (44th Ward) acknowledged Friday that the mayor did not have enough support to advance the plan to build a casino and resort.
While Mayor Lori Lightfoot and her administration have touted the proposal from Bally’s as the most lucrative proposal the city received and said the casino would be an “iconic” addition to Chicago’s riverfront, members of the City Council continue to greet those claims with skepticism.
While members of the Lightfoot administration touted the proposal from Bally’s as the most lucrative proposal the city recieved and said the casino would be an “iconic” addition to Chicago's riverfront, nearly all members of a special City Council committee formed to consider the plan greeted those claims with skepticism.
The substantial half-point hike in its benchmark short-term rate that the Federal Reserve announced Wednesday won’t, by itself, have much immediate effect on most Americans’ finances. But additional large hikes are expected to be announced at the Fed’s next two meetings, in June and July, and economists and investors foresee the fastest pace of rate increases since 1989.
Lightfoot’s support for a casino on what is now the Chicago Tribune printing plant and newsroom near Chicago Avenue and Halsted Street will bounce the roulette ball to the Chicago City Council to consider Bally’s plan.
State Farm customers will notice an increase in their car insurance rates once again; prices of new homes take the biggest leap in at least 15 years; and a Fulton Market developer has big plans for a property near one of the city's proposed casino sites.
An alderperson comes out against one of the three Chicago Casino finalists; developers plan new apartments for the Magnificent Mile; and a series of ads hopes to showcase Illinois as “the middle of everything.”
With three community meetings complete, the roulette ball bounces back to Mayor Lori Lightfoot, who is expected to make her decision within the next two months and pick one of three proposed Chicago casino locations.
A New York firm adds a former Office Max Headquarters to its buying spree in Chicago; what’s next for the vacant office campus of a former publishing company; and inflation forces a Chicago-based food giant to get meaty.
Chicago City Council voted this week to extend an ordinance aimed at slowing gentrification and displacement in Pilsen and areas near the 606 trail. The measure imposes a fee on permits for the demolition of buildings with residential units.
Mayor Lori Lightfoot does not expect to pick one of the three finalists and ask the Chicago City Council to ratify her decision until early summer, a significant delay since the fall, officials said.
