Each week, The Elevator Speech summarizes a list of important news stories impacting our industry and the City of Chicago. Here are the news stories that caught our attention this week:
Magellan Development Group broke ground on The Coast, a 499-unit apartment tower at 345 E. Wacker Dr., this week. The $150 million tower is slated to be completed by February 2013.
- Union workers at the Hyatt Regency Chicago at 151 E. Wacker Dr. held a one-day strike after nearly 20 months of unsuccessful labor contract talks.
- Wal-Mart plans to open its second-ever Walmart Express at 225 W. Chicago Ave. in River North.
The historic Drake Hotel was purchased by Mount Kellett Capital Management and Lodging Capital Partners LLC.
- Corporate real estate firms and organizations released mid-year market overviews this week. Credit Suisse, Maximus Advisors, Fannie Mae and RREEF Global Real Estate Investment all agree that the CRE market has a sunny forecast.
- Chicago’s economy will get a significant boost from the 2,700 jobs Motorola Solutions, United Airlines and GE Capital plan to add during the next two years.
- Two major global summits will be held in Chicago next May – the NATO summit and the G-8 summit, shining a global spotlight on the Windy City.
- BOMA/Chicago will be presenting an educational session on our social media program and hosting a tweetup at the BOMA International Conference next Tuesday, June 28. Please use the hashtag #BOMAtweetup if you would like to follow our tweetup on Twitter.
These news items crossed our desk this week. Let us know what local real estate or business news has made an impact on you.