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April 4, 2024

Chicago Mayor Pulls Trigger On Initiative To Bring Hundreds Of Apartment Units To The Loop

Chicago Mayor Brandon Johnson is moving forward with a Lori Lightfoot administration initiative to transform aging, mostly vacant offices in the hard-hit LaSalle Street corridor into 1,000 new housing units.

Chicago Mayor Pulls Trigger On Initiative To Bring Hundreds Of Apartment Units To The Loop

Eleven months after taking office, Johnson pledged Wednesday that the city will commit just over $151M in tax increment financing to developers planning to transform four flagging office buildings into apartments as part of the LaSalle Street Reimagined program,

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How Airbnb Is Going From Multifamily 'Bad Guy' To Landlord Partner

Airbnb and landlords have historically had a tumultuous relationship. 

Property owners would often hear of strangers coming and going from tenants’ apartments despite lease agreements that bar tenants from subletting their units.

“Part of the frustration for multifamily was that we didn't know how to stop it,” said Young Hill, managing director of Greystar’s property management business. 

Airbnb’s solution? Convince landlords to embrace it. 

How Airbnb Is Going From Multifamily 'Bad Guy' To Landlord Partner

In November 2022, Airbnb launched a landlord partnership dubbed Airbnb-friendly apartments that would allow tenants in participating buildings to list their apartments on Airbnb, with landlords getting a cut.It enlisted some of the biggest U.S. owners of apartments, including Greystar, Equity Residential and Starwood Capital…

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A New Generation Of The Ratner Family Is Ready To Build Its Own CRE Legacy

The Ratners are back.

Five years after the sale of their influential family business, Forest City Realty Trust, to Brookfield for $11.4B, brothers Kevin and Jon Ratner, along with business partner Luke Palmisano, are set to open five new apartment projects across the U.S. in the next 12 months.

The first project of their new company, named Max Collaborative after their grandfather, Forest City co-founder Max Ratner, is a head-turning collision of nature with glass and steel.

With its facade cracked open to reveal veins of greenery flowing to a rooftop garden amid Denver’s famously gritty River North district, the project is an aesthetic disruption from the norm and a statement about how the company plans to forge its own path. 

A New Generation Of The Ratner Family Is Ready To Build Its Own CRE Legacy

“There’s going to be value inherent to building a better product and enduring some of the challenges that come with trying to disrupt a system that wants to be just kind of routinized,” Jon told Bisnow. One River North, as the Denver development is known, is scheduled to open this month. Beijing-based MAD…

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With Federal Office Buildings 'Mostly Empty,' Pressure Grows To Cut Space Faster

With Federal Office Buildings 'Mostly Empty,' Pressure Grows To Cut Space Faster  

While the effects of the pandemic on private sector office usage have become increasingly clear, the future of the federal footprint is still largely up in the air. The fate of these millions of square feet of offices is an unanswered question worth billions of taxpayer dollars.

Federal government agencies are using just 12% of the space in their headquarters buildings on average, a  report last month from the Public Buildings Reform Board found, the latest in a growing body of evidence that the federal government is sitting on a mountain of unused office space.  “It shows that…

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