General iron permit denied, questions arise around casino proposals, and more

Chicago denies permit for General Iron scrap crusher: In the face of outcry from neighborhood activists, federal civil rights investigations and pressure from the Biden administration, Mayor Lori Lightfoot on Friday blocked the opening of a heavy-duty scrap metal shredder on Chicago’s southeast side . Lightfoot’s decision to reject a permit for Reserve Management Group leaves the Ohio-based company with piles of flattened cars, twisted rebar and used appliances surrounding an idle machine it built along the Calumet River as part of a deal RMG executives believed they negotiated with the mayor. (ChicagoTribune)

McCormick Place officials concerned about Chicago casino proposals: As Chicago nears a decision on a winning casino bid, there’s a lot at stake for the city, which could boost its financial fortunes and help plug its public pension funding holes with more than $150 million. dollars in annual casino tax revenue, projected . But with three of the five proposals planning to use the McCormick Place campus, there could be a wild card in the works. McCormick Place has yet to reach an agreement with the city or developers and is not quite on board with turning one of its convention center facilities into a casino. (ChicagoTribune)

Rivers at McCormick Casino BidRush Street Gaming

City previews first phase of Woodlawn affordable housing, but activists push to speed up schedule with Obama center looming: City officials want to roll out Woodlawn’s hard-won affordable housing protections in phases, but organizers said they fear a slower process could starve low-income residents at risk of being displaced by the center Obama’s presidential election. (Block Club Chicago)

The city could soon finalize the purchase of the largest vacant land in Pilsen with the aim of building hundreds of affordable apartments: The city is one vote away from buying Pilsen’s largest vacant lot and potentially converting the district’s largest strip of developable land into nearly 300 affordable apartments. The City Council’s Housing and Real Estate Committee unanimously approved the city’s decision to purchase the 6-acre land at 18th and Peoria streets from developer Property Markets Group. The city is set to buy the land for $12 million as part of a settlement with the developer. (Block Club Chicago)

917 W Fulton MarketMorris Adjmi Architects

Gibsons restaurant nears deal for Fulton Market location: Gibsons Restaurant Group is nearing an agreement to open a location in the Fulton Market area, an area that has remained hot for commercial real estate transactions throughout the pandemic. The Chicago restaurant operator is looking to lease about 15,000 square feet in a yet-to-be-built building at 917 W. Fulton Market, said Alex Najem, co-founder of real estate developer Fulton Street Cos. (Crain’s Chicago Business

The value of the office building on rue LaSalle has been reduced: There’s no denying that the LaSalle Street office building left largely vacant when Bank of America moved last year is worth a fraction of its previous value. But a recent valuation of the property suggests it is still worth more than the debt on the property, which if the valuation is correct could shape the owner’s next move as it weighs the murky future of office demand in the loop. (Crain’s company in Chicago)

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