-- Connecting the dots between our economy, government and business --
Chicago developer Mike Reschke is poised to buy a mostly empty downtown office tower at 55 West Monroe St. at a staggering 90% discount from its 2014 sale price, reinforcing both the financial carnage in the local office market and his status as a big bettor on the Loop’s post-pandemic recovery.
Summary and audio linked here.
Much of the routine trade and investment between China and America is entirely appropriate and in America’s interest. But inserting the Chinese Communist Party into America’s pay-to-play system and its economic development strategy isn’t just crossing a line. It’s a leap into an abyss of stupidity.
Summary and audio linked here.
Illinois paid the price for embracing Fauci’s “science.” Here’s the retrospective.
Podcast link is here.
Dumping Loop commercial properties like this is stunning considering just 10 years ago. Oh the dung heap Pritzker and Democrats have created.
The dolts at Useless Chicago Media Member Crain’s can’t simply report this dreadful story without inserting desperate hopium that Chicago will return as a center of commerce. Illinois leftists have not only shot the golden goose, they ran the poor thing through a woodchipper.
Chicago is dead, outside of government employees and trial lawyers. However, even the sleazebag attorneys are leaving at this point. That leaves the takers as the only ones left pretending to work in Chicago.
ICE should have bought it might fit a whole lot of illegals.
Adjusted for Inflation at 4% for 12 years the number is only 6.25% or $0.0625 on the dollar. The seller got the current market price. He should be glad he found a buyer and they will become harder to find in the future as more and more businesses leave the area for other more tax friendly states.
You can buy one of these buildings for $1, but who in their right mind wants to lease an office in the Loop..
Maybe he can fill the buildings with nail shops and psychic advisors and fried food joints.
It’s like the old joke:
“Did you hear you can buy a house in Detroit for only $1?”
“Great! What’s the catch?”
“You have to live in Detroit.”
If the recovery means the continuing plans to convert downtown Chicago office space into subsidized housing units, I think that would be the opposite of recovery.
Residential property taxes going higher and higher in Cook County!!