Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Here’s what caught our attention the week of October 10:
- Mayor Emanuel proposed his first City of Chicago budget on Wednesday, calling for increased water fees to repair an aging system, to hire more police and to put in place a congestion tax on downtown parking.
- The old Chicago Motor Club building at 68 East Wacker Place was purchased by Aries Capital, which plans to turn the building into a boutique hotel.
- Thousands of protesters demonstrated in downtown Chicago this week for the “Occupy Wall Street” movement. The participants protested unemployment, foreclosures and lack of school funding.
- A new report from Cushman & Wakefield found that Chicago is the most improved investment market for the 12 months ending October 1. Chicago’s 160.1% growth in investment volume came mostly from sales of high-quality buildings with long-term tenants.
The largest downtown Chicago hotel project since the real estate crash began this week at Clark and Illinois. The 657-room hotel development will include an Aloft Hotel, a Hyatt Place and a Fairfield Inn & Suites.
- Jupiter Realty hired Colliers International to search for tenants for its proposed 350,000-square-foot, 20-story office tower at 108 North Jefferson, which must be 50% leased before it breaks ground.
What headlines caught your attention this week? Leave us a comment and let us know.