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October 12, 2023

'It’s Going To Dismantle Our Industry': Restaurateurs Say New Chicago Wage Rule Will Close Restaurants, Kill Expansion

Learn What Submarkets Are Ripe For Industrial Investment Nov. 8

Tip tip hooray? Tipped workers are celebrating the city passing a plan to eliminate their subminimum wages, but some restaurant owners aren’t as pleased.

Restaurateurs, already operating on thin margins, told Bisnow they are concerned that the increase in labor costs will halt future expansion plans, incentivize some to move to the suburbs or force others to shutter businesses altogether. Those concerns are backed up by an industry study.

'It’s Going To Dismantle Our Industry': Restaurateurs Say New Chicago Wage Rule Will Close Restaurants, Kill Expansion

The Chicago City Council passed the One Fair Wage ordinance on Oct. 6, eliminating subminimum wages for tipped workers by 2028. Through the five-year phase-in plan, tipped workers will gradually see wages increase until they reach the city’s $15.80 minimum wage. The minimum wage for…

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‘This Will Be Trouble’: Why Office Landlords Will Soon Face Millions In Added Costs

‘This Will Be Trouble’: Why Office Landlords Will Soon Face Millions In Added Costs  

In recent weeks, it has become increasingly clear that interest rates are going to remain high for longer than most commercial real estate owners initially expected, and they are going to be forced to pay millions in additional expenses as a result.

Not only is there a wave of loans maturing soon that owners will be forced to refinance at much higher rates, but many also face looming expirations on the agreements they reached to hedge against the rising interest rates. These agreements, known as rate swaps and caps, allow borrowers who took out floating-rate loans to keep their interest expenses lower, but they only last for a certain period of time, and for many owners, that time is running out.

These expirations will force borrowers to pay higher rates, in some cases double their previous rate, or enter into new swap contracts that have become much more expensive. With billions of dollars in loans and swap contracts set to expire, these added costs could impact owners across commercial real estate,…

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A Chicago-Based Construction Firm Is Bringing Decades Of Adaptive Reuse Experience To Cleveland

PRESENTED BY:   Leopardo
 
A Chicago-Based Construction Firm Is Bringing Decades Of Adaptive Reuse Experience To Cleveland  

For more than 35 years, The Bell at 45 Erieview Plaza in Cleveland was home to phone companies — first Ohio Bell, then AT&T, until the company moved out in 2019. Today, it has joined a growing list of vacant office buildings across the country that are being transformed into…

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Houston Real Estate CEO, Lawyer Named In $15M Fraud, Racketeering Suit

Houston Real Estate CEO, Lawyer Named In $15M Fraud, Racketeering Suit  

A Houston real estate owner fighting foreclosure on a Galleria-area office building is also facing a federal lawsuit for what plaintiffs allege is a scam resulting in over $15M in damages.

Jetall Capital CEO Ali Choudhri — who told Bisnow this summer about his fight to prevent foreclosure on a 283K SF building at 2425 West Loop S — leads a list of 10 defendants in a federal suit alleging fraud, racketeering, bribery and the theft of millions of dollars in a dispute over 829 Yale St., a five-story condo building in the Houston Heights.

According to a claim brought by Austin-based construction lender Steadfast Funding in July, Steadfast loaned $6M to the group after Choudhri and others allegedly bribed the original developer of the property to sign over 829 Yale to them without Steadfast’s knowledge. The suit, filed in the Corpus Christi Division of…

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