The historic LaSalle Street corridor has been an economic engine for the city since the turn of the last century. But in recent years, the once vibrant financial district has suffered as major banks that anchored the area moved elsewhere in the city.
Real Estate
Demolishing the record set in each of the past two years, $1.22 billion poured into the city’s 129 TIF funds in 2021, according to a report from the office of the Cook County Clerk.
Bally’s Chicago casino is set to have 3,400 slots and 173 table games in addition to an exhibition hall, 500-room hotel, a 3,000-seat theater and 11 restaurants. The development will include a 2,100-square-foot park and walking path along the river and a three-level underground parking garage, according to the plans released by city officials.
The $1.74 billion proposal still needs the approval of 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.
One of Chicago’s fastest-growing companies looks to shed half of its headquarter space in the Loop. A glimmer of hope for suburban renters as rent prices rise. And the Wirtz family takes on a project off the ice.
The last time Chicago voters passed a binding referendum that applied to the entire city was 1885, according to city records. As supporters’ paths to the ballot have been nearly closed off, they have begun shifting the fight to the 2023 campaign for mayor and City Council.
Dozens of Chicagoans who waited hours to get their turn to address the Chicago City Council were prevented from speaking because a majority of the Chicago City Council attended Monday's special meeting.
Supporters of the proposal say the change will help the nearly 66,000 Chicagoans who are unhoused by generating approximately $160 million annually.
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.
Ford announces it’s cutting thousands of jobs, two local hotel sales mark some of the biggest in the hospitality market since the start of the pandemic and a new app helps homeowners rent individual rooms.
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.
