Articles About Development

Author:
Matt Ward
Posted:
07.13.2009

TIC Owners Caught in the Downturn

While the commercial real estate market waits to bottom out, dozens of smaller buyers who pooled their dollars to buy office buildings during the boom may be in worse shape than large institutional investors.  These tenants-in-common (TIC) funds, which allow smaller investors to own multiple office buildings together, are facing the same issues as giant […]

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Author:
Tony Wilbert
Posted:
07.06.2009

Commercial Real Estate Still Troubled

Don’t look for the country’s commercial real estate market to improve any time soon.  In fact, expect it to continue to get worse for the next year or so.  That was the conclusion from a panel at the National Association of Real Estate Editors journalism conference in Washington, D.C., that addressed the question:  “Commercial Real […]

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Author:
James I. Clark III
Posted:
06.15.2009

Local Banks Facing Significant CRE Losses

Toxic commercial real estate loans could create losses up to $100 billion for small and mid-size banks by the end of 2010 if the economy worsens.  According to a Wall Street Journal report – which applied the same criteria used by the federal government in its stress tests of 19 big banks — these institutions […]

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Author:
Sam Gould
Posted:
06.09.2009

Bank of America Slaps Foreclosure Notice on Waterview Tower

Bank of America has pulled the plug on Chicago’s high-profile Waterview Tower with its filing of a foreclosure lawsuit against the 90-story condominium and hotel tower overlooking the Chicago River.  The bank has sued to collect $20 million from the developer, an affiliate of Chicago-based Teng & Associates, which stopped construction last year. The building’s […]

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Author:
Tom Silva
Posted:
05.28.2009

Modern Wing of the Art Institute of Chicago a “Temple of Light”

Amidst the most dire financial crisis in a generation, Chicago has created a magnificent rejoinder to all the bad news.  The Russian writer Dostoevsky once said that “Beauty will save the world.”  Seeing Renzo Piano’s new Modern Wing at the Art Institute of Chicago makes you believe that it just might.  First of all, how […]

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Author:
Tom Silva
Posted:
05.18.2009

Dad’s Dorm Was Nothing Like This

Even during a steep recession, the demand for the right niche product like student housing remains strong because people know they need education and training to compete effectively in a fast-shrinking job pool.  At a time when universities have seen their endowments and investment revenues decrease because of the state of the equity markets, private-sector […]

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Author:
Tom Silva
Posted:
05.15.2009

Geithner: The Patient is Out of Intensive Care

It’s been a long, strange ride, but the nation’s financial system is finally starting what is certain to be an extended healing process. Treasury Secretary Timothy Geithner believes that “the financial system is starting to heal” as he promised to move returned bail-out funds to community banks that need help. Improved lending circumstances are tempering […]

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Author:
Tom Silva
Posted:
05.06.2009

One11 West Illinois Street Is Development Magazine’s Latest Cover

One11 West Illinois Street is on the cover of  the Spring issue of Development magazine, published by the National Association of Industrial & Office Properties. The Development article highlights the building’s unique positioning as Class-A-to-own office space that lets businesses own their space in a building with the quality of a premium-priced skyscraper – but […]

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Author:
Ron Clarkson
Posted:
05.01.2009

AFL-CIO May Ride to Chicago Spire’s Rescue

A rather unexpected source may rescue the stalled Chicago Spire  condominium project – and pump significant money into Chicago’s battered economy by creating thousands of construction jobs.  Representatives from the AFL-CIO Housing Investment Trusts are in early discussions with developer Shelbourne Development Group to revive construction of the twisting Santiago Calatrava-designed condominium tower, located on […]

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Author:
Matt Ward
Posted:
04.28.2009

In Vino Veritas

Is wine recession proof? Business obviously is good for one retail sector niche market.  Chicago-based Binny’s Beverage Depot is taking over a shuttered Circuit City store in west suburban Downers Grove and plans to convert it into their 23rd location. Binny’s purchased the 31,000 SF big-box store, located at the intersection of Highland Avenue and […]

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