Set at the tip of a peninsula in the southwest Michigan town's harbor, the house is going on the market at almost $7.4 million.
Crain's Chicago Business
Book and Periodical Publishing
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Crain's Chicago Business — the nation's pre-eminent regional business newspaper — is where the Who's Who reads what's what. Our newsroom delivers breaking news, cutting-edge analysis, thoughtful opinion and informative events to Chicago's corporate, civic and cultural leaders through a weekly print edition as well as through a suite of curated newsletters centered on the publication's website, ChicagoBusiness.com. Crain's motto: We help you succeed in Chicago. Go to www.chicagobusiness.com/register to sign up for our free email alerts.
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A Saudi Arabian firm backed by billionaire Prince Alwaleed bin Talal is resuming work on a tower that’s set to soar to 1,000 meters when complete, making it the world’s tallest skyscraper. Kingdom Holding Company, majority owned by Prince Alwaleed, said Wednesday it will resume construction on the tower in Jeddah, more than a decade after the project was first conceived. Designed to imitate the contours of a sprouting desert plant, the building was the brainchild of Chicago architect Adrian Smith of Adrian Smith + Gordon Gill Architecture. It’s set to include a Four Seasons Hotels and Resorts hotel, apartments, offices, three lobbies on the upper floors and the world’s highest observation deck on the 157th level. The tower stood half built for years amid funding constraints. Its developers now say construction will take 42 months, and 63 of 157 floors have been built. When complete, the building will top the current record holder, Dubai’s Burj Khalifa, also designed by Smith — which was unveiled in 2010 and stands at 828 meters. Riyadh-based Kingdom said an associate firm, Jeddah Economic Co., has signed a 7.2 billion riyals ($1.9 billion) agreement with Saudi Binladin Group to resume construction of the Jeddah Economic Company Tower. Any remaining costs will be financed through internal resources and banking facilities, according to Jeddah. Read more: https://lnkd.in/g5_7VQTe
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The deal could inject new life into a subsidized office-to-residential conversion that was recently blown off course.
Distressed Loop office tower sold to local investors for apartment conversion
chicagobusiness.com
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The closure takes Chicago's number of Michelin-starred restaurants down to 19.
Michelin-starred Temporis closing permanently after fire
chicagobusiness.com
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Crain's Chicago Business reposted this
Some fascinating data from The Brookings Institution shows the pandemic exodus from Chicago wasn't as big as you might have thought—at least compared with other big cities. While there was an increase in people moving to South Beach, it's also not as big as you might have thought. And some of those transplants may be coming back. https://lnkd.in/ghEn7P6H
Turns out Chicago's pandemic exodus wasn't as drastic as it seemed
chicagobusiness.com
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It's the second-priciest home sold in the Chicago area this year — and it didn't take eight years to sell.
Lincoln Park mansion sells fast for $14.25 million
chicagobusiness.com
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The Obama Foundation quietly acquired the Euclid Avenue bungalow, but says it's focused for now on the Obama Presidential Center two miles away.
What's next for Michelle Obama's family home in South Shore?
chicagobusiness.com
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Large batches of books were found in dumpsters outside Carl Schurz High School on Friday, as part of what Chicago Public Schools is calling a regular practice. Dozens of titles were being discarded at the school in the Irving Park neighborhood, ranging from Shakespeare to fiction to physics. This occurred on a day of non-attendance for students to account for a professional development day. A Chicago Public Schools spokesperson told Crain’s all books were older, and this is a common practice for the district called “weeding.” Weeding is a process meant to to ensure schools keep a relevant book collection, according to CPS policy. Condition, usage in the curriculum or providing wrong or dated information are among the factors considered. Asked if the books can be removed another way, such as donating them or recycling them, the spokesperson reiterated weeding is the district's policy and could not immediately provide more detail. Read more from Pawan Naidu: https://lnkd.in/gFpWizch Photos: Jon Asplund
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Roughly half of Americans describe themselves as being members of the middle class. But what does that actually mean? Class categories vary drastically by location, so it can be insightful to look at local data to see where you fall relative to your neighbors. Pew Research Center defines members of the middle class as making two-thirds to double the median income. Using that definition, earners making more than twice the median income can be considered upper class and those who fall short of the two-thirds mark lower class. The median household income in the city of Chicago in 2023 was $74,474, according to U.S. Census Bureau estimates. From there, the math is simple: The entry point to Chicago's middle class is a household income of $49,649, while the high-end cutoff is $148,948. Under this classification, roughly 43% of Chicago households fall into the middle-class category. About 22% are in the upper class and approximately 35% are in the lower class. It's important to note this is household income, not individual income. And when you zoom out to the collar counties, the cutoffs change. Read more from Jack Grieve: https://lnkd.in/g3KY-Gpq
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The number of homes sold last month was the lowest of any August since 2011.
Four takeaways from the latest Chicago housing market data
chicagobusiness.com