Airbnb and NAACP show residents how to be landlords, state senator calls developer “deceitful”: Daily digest

A daily round up of Chicago real estate news, deals and more for September 27, 2019.

TRD CHICAGO /
Sep.September 27, 2019 04:00 PM

Every day, The Real Deal rounds up Chicago’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 10 a.m. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m. CT

 

Developer Mark Goodman & Associates broke ground on its 268,000-square-foot Fulton Market office project. The development at 320 N. Sangamon Street will replace the AmeriGas Propane Facility. Goodman has partnered with New York-based developer Tishman Speyer on the project. [Curbed]

 

Nonprofit will open an affordable retail space for minority and women entrepreneurs. Onward Neighborhood House will provide entrepreneurs who graduate from its incubator program with a yearlong lease at 3633-37 W. Fullerton Avenue, for $500 to $800 a month. It will be part of a new project called “The Bounce.” [Block Club]

 

Climate change is coming down hardest on homes in Chicago’s poorest communities and its communities of color. Homes in areas with a lack of resources are disproportionately affected, according to the Center for Neighborhood Technology. It found that 87 percent of flood damage insurance was paid to minority communities in the past year. [Crain’s]

 

A new Cannabis advertising startup is moving into Fulton Market. The company called Fyllo, who has raised $16 million in investment, signed a 3,300 square-foot lease at 845 W. Washington Street. SVN Chicago Commercial owns the property. [RE Journals]

 

Forever 21 still doesn’t have a reorganization plan ahead of its bankruptcy proceedings. Its two largest landlords, Brookfield Property Partners LP and Simon Property Group Inc., could be left with vacant space heading into the busiest retail time of the year. [Bloomberg]

 

Five investors are said to be circling Barneys New York Inc., the bankrupt luxury retailer. After filing for Chapter 11 earlier this month, Barneys bankruptcy auction is scheduled for no later than October 29. [Bloomberg]

 

WeWork executives are dropping like flies: head of real estate Granit Gjonbalaj is the latest to leave. Thursday, TRD reported that vice chairman Michael Gross, VP of operations and special projects Zvika Shachar and director of development Roni Bahar were out. [TRD]

 

Despite turmoil in the Whitehouse, real estate stocks are up. A TRD analysis of a mix of 28 real estate investment trusts, research firms and brokerages showed the stocks were up 1 percent since Monday, and ReMax was up 8 percent. [TRD]

 

A state senator called developer Paul Roldan “deceitful.” Sen. Iris Martinez said that after claiming Roldan reneged on a plan to save the Puerto Rican community center at 1237 N. California Ave. amid the property’s redevelopment. It is set to become an affordable housing complex. Roldan has previously said a decision on a new center had not been made. [Block Club]

 

South Loop sidewalks are about to get more crowded. Over the next two years, around 22,000 new office workers are expected to file into the recently redeveloped area each day for work. That will flood of new people begin next month. [Tribune]

 

Developer Frank Latsko put Astor Street building on the market for $3.25 million. When he bought the eight-unit development for $2.5 million seven years ago, Latsko planned on turning the building into a single-family home, but it appears no changes have been made. [Crain’s]

 

Chicago NAACP has partnered with Airbnb to teach residents how to make money renting out their homes. The program is aimed at bringing economic opportunity to communities of color. They had their first meeting earlier this week. [Tribune]

 

Alderman Brian Hopkins castigated the city’s plan for temporary barriers along Lake Michigan. The move is planned after last summer’s record-high water levels. Instead, Hopkins said the city must rebuild Lake Shore Drive, a plan he has touted as a necessary step for years. [Sun-Times]

 

WeWork is putting the brakes on all new lease agreements. Sources familiar with the matter say the SoftBank-backed office space-leasing company — among the largest tenants in New York City and London — appears to be bleeding out ahead of its IPO. [FT]

 

WeWork’s parent company bought 14 venture-backed startups since 2014. That far outpaces Twitter, who bought just 9 in the same period. According to sources familiar with the matter, the We Company is now trying to shed some of those acquisitions, many of which were purchased with stocks — leaving some investors feeling stuck holding the bag. [WSJ]

 

Mortgage lenders are using new tactics to retain borrowers. Some major banks are rolling out “loan mods,” allowing borrowers to modify mortgages at better terms. Unlike federal programs during the recession offering assistance to homeowners in foreclosure, these programs are intended for buyers who have no trouble paying back the loan. [WSJ]

 

Meet the new heads of WeWork. After WeWork CEO Adam Neumann stepped down earlier this week, the company’s CFO Artie Minson and vice chairman Sebastian Gunningham stepped in as co-CEO’s to right the ship. [TRD]


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