Crain’s Headlines: Beer Giant Moving US Headquarters to Chicago

Chicago is adding another high-profile corporate headquarters to its roster, though it’s not quite clear what it means for area jobs.

Beer giant Molson Coors said Wednesday it’s moving its North American headquarters from Denver to Chicago. It’s part of a broader change that includes eliminating 400 to 500 of its corporate jobs in North America and retiring the MillerCoors name. The MillerCoors division has been based in Chicago since 2008 and accounted for about two-thirds of Molson Coors’ sales.

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It’s one of the first big moves by new Molson Coors CEO Gavin Hattersley as he faces declining or flat sales of staples like Miller Lite and Coors Light.

In other Chicago business news:

A Chicago developer has purchased part of the former Maywood Park horse track with plans to put a retail project there geared mainly to restaurants.

A venture of GW Properties Principal Mitch Goltz paid $9 million for 15.5 acres at the big property in Melrose Park. Some restaurants have committed to lease new buildings there while others will buy them.

The racetrack closed there in 2015 after 70 years in business and the venue’s owner sold 40 acres earlier this year to another group that’s developing three industrial buildings there totaling 620,000 square feet.

And if you own a house in Lake County, the 2017 federal tax reform law did quite a number on the value of your property.

A report from Moody’s national housing economist said that among roughly 3,100 counties in the U.S., Lake County, Illinois, ranked fifth in damage done by the cap on property tax deductions enacted two years ago.

The law set a new limit of $10,000 for deducting state and local taxes on federal filings. Lake County’s high residential property taxes mean its homes on average will lose almost 10% of what they might have been worth seven years after the new tax law, according to the report.

Cook County ranked 36th on the list, putting it in the top 2% of the nation’s hardest-hit counties.

Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.” 

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