Developer Warren Barr gives up on high-rise
David Roeder: Condo developer Warren Barr is grievously disappointed that he can't pursue a project that was to be his mark on the skyline. But he can be thankful he is exiting the deal financially intact. Barr has sold property at 830 S. Michigan where he planned an 80-story building. The financial crisis and overbuilt housing market have rendered those plans moot for probably at least three years, so Barr concluded now was the time to get out. "I really wanted to do this building, but the market today just makes it impossible," he said. An insider said the property sold for around $18 million.
David Roeder: Condo developer Warren Barr is grievously disappointed that he can't pursue a project that was to be his mark on the skyline. But he can be thankful he is exiting the deal financially intact. Barr has sold property at 830 S. Michigan where he planned an 80-story building. The financial crisis and overbuilt housing market have rendered those plans moot for probably at least three years, so Barr concluded now was the time to get out. "I really wanted to do this building, but the market today just makes it impossible," he said. An insider said the property sold for around $18 million.
Mark Cuban sued by SEC for insider trading
The Securities and Exchange Commission accused Mark Cuban, owner of the Dallas Mavericks and bidder for the Chicago Cubs, of insider trading Monday. The SEC charged in a lawsuit that Cuban dumped 600,000 shares of stock in an Internet search company, Mamma.com Inc., after learning in 2004 that it was raising money by issuing more shares.
The Securities and Exchange Commission accused Mark Cuban, owner of the Dallas Mavericks and bidder for the Chicago Cubs, of insider trading Monday. The SEC charged in a lawsuit that Cuban dumped 600,000 shares of stock in an Internet search company, Mamma.com Inc., after learning in 2004 that it was raising money by issuing more shares.
Stocks down but dividends steady
David Roeder: If you're fortunate enough to have money to save, you could put it in a bank certificate of deposit and collect more than 3 percent for a year if you shop around. The yield is guaranteed and won't disturb your sleep. But if you want a year of living a little dangerously, think hard about the Dow Jones industrial average. The 30 stocks are the market's microcosm.
David Roeder: If you're fortunate enough to have money to save, you could put it in a bank certificate of deposit and collect more than 3 percent for a year if you shop around. The yield is guaranteed and won't disturb your sleep. But if you want a year of living a little dangerously, think hard about the Dow Jones industrial average. The 30 stocks are the market's microcosm.
Goose Island keeps Clybourn brew pub
David Roeder: Raise a toast to the lousy economy. The all-but-official recession means Goose Island Beer Co. won't have to close its original brew pub at 1800 N. Clybourn. The Chicago-based brewer's landlord on Clybourn, Deerfield-based investor Charles Malk, had refused to renew the Goose Island lease that expires at year-end.
David Roeder: Raise a toast to the lousy economy. The all-but-official recession means Goose Island Beer Co. won't have to close its original brew pub at 1800 N. Clybourn. The Chicago-based brewer's landlord on Clybourn, Deerfield-based investor Charles Malk, had refused to renew the Goose Island lease that expires at year-end.
GM: Gloom multiplied
David Roeder: The financial reports from the auto industry Friday paint a stark portrait of the unthinkable. Detroit as we know it is a dying force in the American economy. Its continued downsizing and the possible bankruptcy of one or more of the erstwhile "Big Three" will become as threatening to the economy as the housing crisis. We could be destined for a "double-dip" recession, with the auto layoffs knocking us flat just as the credit markets recover and consumers wobble to their feet.
David Roeder: The financial reports from the auto industry Friday paint a stark portrait of the unthinkable. Detroit as we know it is a dying force in the American economy. Its continued downsizing and the possible bankruptcy of one or more of the erstwhile "Big Three" will become as threatening to the economy as the housing crisis. We could be destined for a "double-dip" recession, with the auto layoffs knocking us flat just as the credit markets recover and consumers wobble to their feet.
Cubs' billion-dollar dreams long gone
David Roeder: The Chicago Cubs, who bombed out in this year’s playoffs, may be no closer to getting $1 billion in a sale than they are to a World Series. Sources said Friday that the credit crisis has trimmed what investors are willing to pay Tribune Co. for the team. Tribune Chairman Sam Zell has been trying to hold firm on his billion-dollar asking price, offering seller financing.
David Roeder: The Chicago Cubs, who bombed out in this year’s playoffs, may be no closer to getting $1 billion in a sale than they are to a World Series. Sources said Friday that the credit crisis has trimmed what investors are willing to pay Tribune Co. for the team. Tribune Chairman Sam Zell has been trying to hold firm on his billion-dollar asking price, offering seller financing.
Daley plan gives Block 37 extra $12 mil. for hotel
David Roeder: Downtown's Block 37 project, already one of the most tax-subsidized developments in city history, is in line for more money. Mayor Daley proposed Wednesday a $12 million subsidy for a new hotel on the block. The proposal, introduced to the City Council, calls for a 354-room Loews hotel. The $12 million joins $42.4 million the city already has committed to Block 37 from its Central Loop tax-increment financing district.
David Roeder: Downtown's Block 37 project, already one of the most tax-subsidized developments in city history, is in line for more money. Mayor Daley proposed Wednesday a $12 million subsidy for a new hotel on the block. The proposal, introduced to the City Council, calls for a 354-room Loews hotel. The $12 million joins $42.4 million the city already has committed to Block 37 from its Central Loop tax-increment financing district.
Will Vrdolyak ties hurt developer?
David Roeder: Chicago developer Bill Smith has had as much of an impact on State Street as anybody since Marshall Field and Potter Palmer. His hard-driving deal-making combined with a preference for good architecture made him a favorite for City Hall- brokered development.
David Roeder: Chicago developer Bill Smith has had as much of an impact on State Street as anybody since Marshall Field and Potter Palmer. His hard-driving deal-making combined with a preference for good architecture made him a favorite for City Hall- brokered development.
Traders have already 'priced in' Obama victory
David Roeder: The only short-term boost the stock market could get from today's election is if John McCain wins. That's not a partisan argument. It's just the way the market works with the political realities. Polls nationwide show the likelihood of a Barack Obama victory is huge. Money managers follow the polls, too, and began thinking weeks ago that the party in the White House will change.
David Roeder: The only short-term boost the stock market could get from today's election is if John McCain wins. That's not a partisan argument. It's just the way the market works with the political realities. Polls nationwide show the likelihood of a Barack Obama victory is huge. Money managers follow the polls, too, and began thinking weeks ago that the party in the White House will change.
Debt crushing owner of Water Tower, Northbrook
David Roeder: General Growth Properties (GGP), the Chicago-based company that's the nation's second-largest owner of shopping malls, is almost literally worth nothing. It's debt totals $24 billion, much of it loaded onto the balance sheet with its 2004 purchase of a major competitor, Rouse.
David Roeder: General Growth Properties (GGP), the Chicago-based company that's the nation's second-largest owner of shopping malls, is almost literally worth nothing. It's debt totals $24 billion, much of it loaded onto the balance sheet with its 2004 purchase of a major competitor, Rouse.
Dangerous Dow up big
After eight straight losing sessions, woozy Wall Street took a deep breath of oxygen Monday and posted its greatest one-day percentage gains since the Great Depression. The major indexes rose at least 11 percent on confidence from a coordinated campaign of governments worldwide to guarantee bank deposits. The Dow Jones industrial average rose 936.42 points to finish at 9,387.61.
After eight straight losing sessions, woozy Wall Street took a deep breath of oxygen Monday and posted its greatest one-day percentage gains since the Great Depression. The major indexes rose at least 11 percent on confidence from a coordinated campaign of governments worldwide to guarantee bank deposits. The Dow Jones industrial average rose 936.42 points to finish at 9,387.61.
Target signs on for Wilson Yard store
David Roeder: Uptown residents who have waited years for progress at the Wilson Yard development site are finally getting good news. Target Corp. is officially in the deal and plans a new, 180,000-square-foot store on two levels by the fall of 2010. Target closed on the purchase of property in Wilson Yard, acquiring it from the site's developer, Holsten Real Estate Development Corp. Terms were not disclosed.
David Roeder: Uptown residents who have waited years for progress at the Wilson Yard development site are finally getting good news. Target Corp. is officially in the deal and plans a new, 180,000-square-foot store on two levels by the fall of 2010. Target closed on the purchase of property in Wilson Yard, acquiring it from the site's developer, Holsten Real Estate Development Corp. Terms were not disclosed.
Hyde Park condos may replace shopping plaza
David Roeder: A developer has asked city officials for authority to tear down a 1960s shopping plaza in Hyde Park and replace it with high-rise housing built over new stores and offices. The project involves a 2.5-acre parcel at 5101 S. Harper, currently the home of the Village Center shopping mall. The property owner, Antheus Capital LLC, wants to build 150 condominiums atop a parking structure and a commercial base.
David Roeder: A developer has asked city officials for authority to tear down a 1960s shopping plaza in Hyde Park and replace it with high-rise housing built over new stores and offices. The project involves a 2.5-acre parcel at 5101 S. Harper, currently the home of the Village Center shopping mall. The property owner, Antheus Capital LLC, wants to build 150 condominiums atop a parking structure and a commercial base.
Lucrative deal in works of CME
David Roeder: Financial regulation in Washington is a jumble, as Congress and the bureaucrats kick around ideas for putting freewheeling credit default swaps under somebody’s control. CME Group (CME), owner of the Chicago Mercantile Exchange and the Chicago Board of Trade, has center stage in the negotiations and is liable to benefit hugely from regulatory change.
David Roeder: Financial regulation in Washington is a jumble, as Congress and the bureaucrats kick around ideas for putting freewheeling credit default swaps under somebody’s control. CME Group (CME), owner of the Chicago Mercantile Exchange and the Chicago Board of Trade, has center stage in the negotiations and is liable to benefit hugely from regulatory change.
Massive overseas sell-off unhinges U.S. markets
David Roeder: The stock market fell by more than 3 percent Friday and can count itself lucky. It made up much of the ground it lost in a steep morning sell-off that saw the Dow Jones industrial average quickly lose 550 points. By the end of the session, Wall Street actually calmed the nerves of overseas investors whose markets had fallen severely.
David Roeder: The stock market fell by more than 3 percent Friday and can count itself lucky. It made up much of the ground it lost in a steep morning sell-off that saw the Dow Jones industrial average quickly lose 550 points. By the end of the session, Wall Street actually calmed the nerves of overseas investors whose markets had fallen severely.