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July 20, 2022

Vying For Biotech Boom, Cities Awaken To The Work Behind The Workforce

TopMed Realty's Phil Mahler Discusses Healthcare Real Estate & The Future Of The Sector Aug. 11

On Chicago’s South Side, the site of the defunct Michael Reese Hospital is poised to evolve into the $3.8B Bronzeville Lakefront development, a project backers say will reinvigorate the region with innovation and jobs after decades of investment dollars flowing out of the area.

With ambitions to create 31,000 full-time jobs, some of which will be located in the 500K SF Bronzeville Innovation Center and a biotech incubator called Chicago ARC, the development promises “future-focused jobs,” according to developers, one of many benefits that convinced the city to rezone the site and spend $60M on infrastructure.

But as the project breaks ground this year, its plan to engage and educate the community to assume those jobs of the future is, like the development itself, a work in progress. As other Chicago life sciences developers tout the future potential of the industry as a job creator, the training details for locals aren’t yet clear. 

Vying For Biotech Boom, Cities Awaken To The Work Behind The Workforce

“First of all, these aren’t jobs, these are careers,” said Regina Stilp, principal at Farpoint Development, part of the Global Research Innovation Technology development team leading the Bronzeville project.“We’re hoping through our efforts, including pretty extensive internships and apprenticeships, you…

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There’s No Space Left In Cities Like Laredo As Industrial Breaks For The Border

When representatives from Laredo, Texas, go to industry shows, they tout the city's trade opportunities with Mexico, its low cost of doing business and a young, eager workforce.

But companies interested in snagging space in Laredo have come across an issue hitting other border towns that have sold themselves too well: There's no industrial space available in the city. 

There’s No Space Left In Cities Like Laredo As Industrial Breaks For The Border

All the relocation to the border, along with nationwide construction material price hikes, is seeing industrial development become more expensive.Existing industrial buildings now lease for about 60 cents per SF, while new buildings lease at about 74 cents per SF, both triple net, according to Volkmer. That is priced similarly to Houston's…

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Facing Rising Prices And Higher Barriers, Communities Push For More Influence On Neighborhood Real Estate

LOS ANGELES — After a long search for a space for their vegan eatery Malinalli Superfoods, Eruve Peña and his wife finally struck gold when they found a storefront in an East LA building owned by the Community Owned Real Estate program.

Rents in most parts of fast-changing LA were out of reach for Peña, not to mention construction costs for any tenant finish. Malinalli started as a pop-up, but the city’s real estate market, combined with macroeconomic forces, hindered his vision of opening up the restaurant in a permanent space.

The story is a familiar one in LA, where property values have jumped in recent years. But as gentrification creeps into the city’s older — and often less White — neighborhoods, local activists, tenant organizations and neighborhood groups are pushing back in the form of community ownership like the CORE program that helped Peña make his dream a reality.

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Inflation Be Damned: As Retail Sales Grow, Retailers Open More Stores

Inflation Be Damned: As Retail Sales Grow, Retailers Open More Stores  

Despite pumped-up inflation, or maybe because of it, U.S. retail sales were up markedly in June, and retailers seem to be responding to the current economic crisis by opening more new stores than they are closing. The Census Bureau reports that retail sales were up 1% from May, and…

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