Crain's Chicago Business - 8/30/21

Page 1

YOUR VIEW: An infrastructure deal means more than fixing roads. PAGE 10

CHICAGO COMES BACK: Treating ‘struggling’ as an opportunity. PAGE 4

CHICAGOBUSINESS.COM | AUGUST 30, 2021 | $3.50

Nina Hike is a science teacher at George Westinghouse College Prep.

FORUM

ALYCE HENSON

EDUCATION LOSS

Apartment dwellers are bullish on the city

The condo market’s on fire too, Chicago

Year-to-date sales totals are well above 2019, the last normal year. Prices aren’t, and that’s a big factor.

BY ALBY GALLUN After suffering through their worst slump in decades, apartment landlords in downtown Chicago are happy once again. They can thank people like Jonathan Hui. Hui is among the herd of renters that have stampeded into downtown Chicago this year, fueling a staggeringly swift turnaround of a market that was struggling amid an exodus of tenants just a year ago. The

31-year-old brand manager recently left Minneapolis to take a job with Tyson Foods in the West Loop, signing a lease for a one-bedroom unit at Presidential Towers, the huge apartment complex nearby. “I’m really excited about it because it’s a nine-minute walk from work,” Hui says. It’s one story among many explaining why downtown high-rises are full again and rents hit record highs in the second quarter, according to the

LUXURY LIVING CHICAGO REALTY

Downtown’s gone from bust to boom in under a year

Wolf Point East Chicago office of Integra Realty Resources, an appraisal and consulting firm. The number of See APARTMENTS on Page 8

BY DENNIS RODKIN With their children grown and their winters now spent in Arizona, Diane and Jeff Frisch are moving out of the Oak Park home they’ve owned for three decades and into a condo, but they can’t exactly call it downsizing. When they began shopping for condos in downtown Chicago, the Frisches expected their budget to cover about 2,500 square

feet of space. Instead, they ended up buying a 54th-floor condo that overlooks Millennium Park and has 4,000 square feet, or roughly 400 square feet more than the house where they raised two kids. “All our friends say, ‘We thought you were downsizing,’ ” said Jeff Frisch, who’s a financial adviser. Diane Frisch is a semi-retired consultant.

NEWSPAPER l VOL. 44, NO. 35 l COPYRIGHT 2021 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED

GREG HINZ

SCIENCE

Assessor Kaegi’s crusade comes with collateral damage. PAGE 2

Argonne lays the the groundwork for the fastest computer ever. PAGE 7

See CONDOS on Page 8


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.