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September 25, 2024

For Some Chicago Projects, Building A Capital Stack Is Like Cooking Lasagna

Leaders From Vanderbilt Office Properties, Fifield, John Buck Co. And More Join Chicago State Of The Market

In a high-rate environment, developers on the South and West sides of Chicago innovated and used a piecemeal approach to nab project financing, playing a game where the rules favor the house. 

But now that rates have finally come down, not much will change.

While cuts may ease the overall capital environment and increase access to financing for many, developers that want to build projects in traditionally underinvested areas of the city still face additional challenges. Those include barriers to securing capital, longer development timelines and blanket rejections from traditional institutions, panelists said at Bisnow’s South of Roosevelt event last week. 

For Some Chicago Projects, Building A Capital Stack Is Like Cooking Lasagna

Building a capital stack for South and West Side development takes a coalition of carefully assembled private and public funding sources, said A.J. Patton, founder and CEO at 548 Enterprise. A particular project might include state tax credits, city tax increment financing or bonds, and funding…

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This Week's Chicago Deal Sheet: Pharmaceutical HQ Lands In Chicago

A Swedish pharmaceutical company picked Chicago as the site of its U.S. headquarters and tapped former Horizon Therapeutics executives to spearhead business development in the city. 

This Week's Chicago Deal Sheet: Pharmaceutical HQ Lands In Chicago

Immedica Pharma, which is focused on addressing rare and severe diseases, announced in a press release it would establish a U.S. commercial business in Chicago. The company aims to become a global leader in the rare disease sector, building on its presence in Europe and the Middle East. “This expansion into…

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‘The Plans Are Big’: Chicago State University Sets Its Sights On Revitalizing The 95th Street Corridor

Ten years from now, Hubert Morgan envisions Roseland’s 95th Street Corridor as a vibrant hub for shopping, living and getting an education. 

But for that vision to become a reality, Morgan, who is the founder of Stanhope Consulting and partner with Chicago State University on the corridor’s revitalization efforts, urged audience members at Bisnow’s South of Roosevelt event and the wider CRE community to help execute the development plan.

“We have a responsibility to say, if 95th Street is going to be successful, we have to not only professionally, but in our own lives, be a part of supporting that,” Morgan said at The Penthouse Hyde Park event this week.

‘The Plans Are Big’: Chicago State University Sets Its Sights On Revitalizing The 95th Street Corridor

To do that, CRE decision-makers need to develop places along the corridor where people want to stop and spend money, like restaurants, grocery stores and shops, Morgan said. Successfully doing so will encourage people to keep their money within the neighborhood, he said. The time is now, panelists said.Last year, CSU unveiled…

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Cook County Follows Through On Commitment To Establish Quantum Campus Tax Credit

Cook County Follows Through On Commitment To Establish Quantum Campus Tax Credit  

The Cook County Board of Commissioners has officially created the new property tax incentive that helped Chicago reel in a quantum computing campus at the former U.S. Steel South Works site. 

The new Class 8 MICRO incentive offers property tax relief by dropping the site's tax rate from 25% to 10% for 30 years and was approved in a voice vote Thursday without objection,  Crain's Chicago Business reports. The incentive isn't renewable.  The tax break helped state leaders  secure a campus

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