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September 6, 2022

This Week's Chicago Deal Sheet

Digital Summit Opportunity: National Single-Family Rental Deep Dive Sept. 20

A $20M project from Garner's Pullman Hotel Group to bring a hotel to the historic and long-underserved Pullman neighborhood is in the works. 

Chicago investor Andre Garner is seeking a $5M city grant to help develop a 101-room Hampton by Hilton hotel at 111th Street and Doty Avenue, a few blocks east of the area's iconic clock tower building that has been restored as a visitor center. 

This Week's Chicago Deal Sheet

The hotel would be built on a vacant lot north of a retail building that is home to a Culver's along 111th Street. Visits to the restored Pullman National Monument nearby are expected to quadruple to 300,000 people per year, thanks to its affiliation with the National Park Service, Crain's Chicago…

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With Housing Affordability Hitting Crisis Levels, Developers Lean Into Public-Private Partnerships

As the nation hurtles toward a recession, housing developers are asking for extra help from the public sector to prevent the affordability crisis from spiraling further out of control.

In Dallas, for instance, city data shows there is a Metroplex-wide shortage of 85,000 units for households making less than 80% of the area median income. That deficit jumps to roughly 186,000 units when the threshold is lowered to 50% AMI, according to the National Low Income Housing Coalition.

Yet there are fewer than 12,000 units supported by housing programs in production in Dallas — a stark reminder of just how much work still needs to be done to meet demand.

With Housing Affordability Hitting Crisis Levels, Developers Lean Into Public-Private Partnerships

“It’s a drop in the bucket,” city of Dallas Director of Housing and Neighborhood Revitalization David Noguera said. “We’ve got to build new tools and adjust our policies to really build at scale.”DFW is not alone — across the nation, a record housing shortage is…

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Surging Energy Prices Are A Ticking Time Bomb For Commercial Property

LONDON — Households across Britain are set to be hit hard by the upcoming hike in the cost of energy — but the surge will create a giant problem for the commercial property sector as well. 

Both commercial tenants and landlords are facing a huge financial hit from price rises that will initially be higher than those faced by individual consumers because rises for businesses are not capped. 

The plight of pub owners, cafés and restaurants has already hit the headlines, with predictions that thousands of small businesses might need to close as bills rise by up to 1,000%. Retailer Iceland said it would halt store expansion because of the increase in cost of operating new stores. 

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C-Suite Spotlight: Buro Happold Managing Director Jennifer Price

 

Jennifer Price is U.S. managing director and partner of Buro Happold, a 2,200-person global engineering and consultancy firm. She joined the firm in June to lead a Seattle-based 12-office region, which has 300 employees.

A passion for diversity and inclusion has been a driving force in her career, which has included senior management positions with GHD, CH2M and AECOM

Buro Happold is best known for its work on New York’s High Line, the Academy Museum of Motion Pictures in Los Angeles, London’s Olympic Park and Stadium, and Atlanta’s Mercedes-Benz Stadium. It has stated its intention to double from 2,000 to 4,000 employees globally in the next six years.

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