According to city data, 60% of Chicagoans live in rental properties, and a June report by real estate platform Domu finds the median rent for one-bedroom apartments in Chicago is up 8% since January. With fierce competition for apartments, the city’s renters – many of whom are Black– are more vulnerable targets for scammers and shady landlords.
The Magnificent Mile is getting hit with another couple of retail losses but, there’s a glimmer of hope for the city’s premiere shopping strip. A proposal has been made for Chicago’s first development of multiple homes made of shipping containers and a new ice cream bar hopes to provide adults with a cold treat.
Rent prices rose 9.4% in 2022, according to data firm CoStar Group. In response, groups of local tenants are unionizing in hopes of pushing for an end to a rent control ban that was passed in 1997.
State Farm hits Illinois auto customers with yet another price hike. Suburban apartments are seeing some major investment gains. And a look at what’s on the road ahead for electric truck maker Rivian.
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.
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.