The Federal Reserve announced on Wednesday its first interest rate cut since the pandemic, a move real estate developers say could eventually help kick off the construction of new apartment complexes across downtown Chicago and dot the skyline with cranes. Thousands of residents want to move downtown, especially to amenity-rich neighborhoods in the West Loop such as Fulton Market, and developers have been aching to break ground on new projects, but some proposals got too costly after the Fed began hiking interest rates in 2022. “We need to have cranes in the sky,” said Regina Stilp, founding principal of Farpoint Development, one of the developers aiming to build a 7 million-square-foot innovation hub on the former site of Michael Reese Hospital in Bronzeville.

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BING NEWS:
  • The Fed’s interest rate cut could jump-start residential development in downtown Chicago. ‘We need to have cranes in the sky.’
    The Federal Reserve announced on Wednesday its first interest rate cut since the pandemic, a move real estate developers say could eventually help kick off the construction of new apartment complexes ...
    09/18/2024 - 10:47 am | View Link
  • CRE Industry Gets Lift With Fed’s Half-Point Rate Cut
    The central bank cut interest rates for the first time since March 2020 in move the commercial real estate industry hopes spurs turnaround.
    09/18/2024 - 7:39 am | View Link
  • More

 

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