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March 28, 2024

‘A Stake In The Game’: What The Proposed White Sox Move Could Mean For The Area It Leaves Behind

It’s opening day across the MLB, and the Chicago White Sox are set to kick off the action when they take on the Detroit Tigers at their longtime South Side site, Guaranteed Rate Field

But the team’s house may not stay its home for long.

White Sox owner Jerry Reinsdorf is tipping his pitches in his pursuit of a new stadium at The 78 megadevelopment. The octogenarian telegraphed an ambitious proposal to build a stadium about 2 miles north with $1B in public money, which would cut its ties with the community the team has anchored for 114 years.

‘A Stake In The Game’: What The Proposed White Sox Move Could Mean For The Area It Leaves Behind

Much of the spotlight has centered on the economic impact a new stadium would have on a 62-acre site bordering the South Loop that developer Related Midwest is billing as Chicago’s “78th neighborhood.” But CRE players are raising issues with the financial vacuum a team exodus…

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Deadly Baltimore Bridge Collapse Is Latest Shipping Snafu That Could Push Up Inflation

When the nearly 1,000-foot-long cargo ship Dali slammed into Baltimore’s Francis Scott Key Bridge early Tuesday, it not only caused the critically important bridge to collapse and killed six people, it also became the latest shock to the nation's supply chain. 

Deadly Baltimore Bridge Collapse Is Latest Shipping Snafu That Could Push Up Inflation

The Port of Baltimore has been indefinitely closed to vessel traffic, and the bridge — which carried Interstate 695, a major East Coast trucking route — must be rebuilt. Those factors will likely have an impact on the U.S. supply chain but are unlikely to…

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Capitals, Wizards To Stay In D.C. After Move To Virginia Collapses

Capitals, Wizards To Stay In D.C. After Move To Virginia Collapses  

The plan to move D.C.'s NHL and NBA teams to Virginia is dead, and the teams’ owner has agreed to remain downtown for another 25 years.

Monumental Sports & Entertainment CEO Ted Leonsis joined D.C. Mayor Muriel Bowser at Capital One Arena Wednesday evening to sign a contract to stay in the District through 2050. The deal includes $515M from the city for an arena modernization and would allow Monumental to expand its businesses into 200K SF in the adjacent Gallery Place building. 

The deal would also see Monumental take over managing the Mystics’ Southeast D.C. home, use some District-owned building parking for Monumental employees and plan a new practice facility for the Wizards downtown. The city would keep a minimum number of police officers downtown,  The Washington Post reported. “I’ve…

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LuxUrban Hotels Stock Plummets After Disclosing Audit, Posting $65M Loss

LuxUrban Hotels Stock Plummets After Disclosing Audit, Posting $65M Loss  

Shares in LuxUrban Hotels lost roughly 30% of their value on Wednesday after the Miami-based hospitality company posted a $41M quarterly loss and disclosed that it wouldn't file its annual report on time as it undergoes an internal audit.

The company disclosed the update in a press release Tuesday evening before the company's scheduled earnings call Wednesday morning, which was abruptly canceled.

The disclosures came after a short seller report and an investigation by Bisnow revealed that the company had potentially misrepresented the status of at least two hotel leases on previous financial disclosures. In  unaudited financial statements published Tuesday, LuxUrban said it lost $65.2M in 2023, $40.2M of which came in…

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