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  #43761  
Old Posted Yesterday, 9:25 PM
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Mr Downtown Mr Downtown is online now
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Originally Posted by the urban politician View Post
Your argument about Aldermanic prerogative aside, that "boo hoo" is quite a taunt for not returning $50 million!
Well, the investors' claim is one for fraud or breach of contract. Aldermanic prerogative got nothin' to do with it.
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  #43762  
Old Posted Yesterday, 9:40 PM
moorhosj moorhosj is offline
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Originally Posted by the urban politician View Post
Your argument about Aldermanic prerogative aside, that "boo hoo" is quite a taunt for not returning $50 million!
Rich people tried to buy citizenship based on speculation and lost. This happens in real estate. Our current President straight up changed terms on people who bought condos in Trump Tower 10 years ago. I'll save my empathy for the people struggling day-to-day.
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  #43763  
Old Posted Yesterday, 9:45 PM
the urban politician the urban politician is online now
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Originally Posted by moorhosj View Post
Rich people tried to buy citizenship based on speculation and lost. This happens in real estate. Our current President straight up changed terms on people who bought condos in Trump Tower 10 years ago. I'll save my empathy for the people struggling day-to-day.
None of that means that people, regardless of their income level, shouldn't get their money back if fraud is committed.

What kind of nonsense are you spewing?
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  #43764  
Old Posted Yesterday, 10:16 PM
Rizzo Rizzo is online now
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In my SimCity world...
Pick up that lot at Huron and Dearborn. Move those rowhomes there. Landmark the vintage stock / facades of heritage buildings up and down Dearborn. The folks in that fancy condo building next door get views for eternity. Developer gets a cleared superior and Wabash site, but keeps the facade of the Giordanos building for parking and amenity deck or something like that. And somehow...some way we get a tower where the row houses were. Win for preservation. Win for Urban density.
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  #43765  
Old Posted Today, 4:34 AM
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Originally Posted by Rizzo View Post
In my SimCity world...
Pick up that lot at Huron and Dearborn. Move those rowhomes there. Landmark the vintage stock / facades of heritage buildings up and down Dearborn. The folks in that fancy condo building next door get views for eternity. Developer gets a cleared superior and Wabash site, but keeps the facade of the Giordanos building for parking and amenity deck or something like that. And somehow...some way we get a tower where the row houses were. Win for preservation. Win for Urban density.
I'd rather see them go on the east side of Dearborn just north of Chicago Ave, where the Y parking lot is.
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  #43766  
Old Posted Today, 4:44 AM
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BonoboZill4 BonoboZill4 is offline
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Anyone know what this is?







Right next to the South Loop police station
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  #43767  
Old Posted Today, 5:04 AM
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emathias emathias is offline
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Originally Posted by the urban politician View Post
Your argument about Aldermanic prerogative aside, that "boo hoo" is quite a taunt for not returning $50 million!
EB-5 Visa programs are *required* to put the investment at risk. Depending on how the company is structured and funded, it may or may not be fraud. A lot would depend on how the corporation and the investing parties agreement was structured. As with any investment where you put money at risk, you have to be very careful. I know some countries have visa programs where you basically just have to plop your cash into a bank account for some period of time. But that is most definitely not what the US EB-5 program is. The US literally considers EB-5 to be a jobs program, and not only are the investors risking their money financially, but if the investment fails to generate the minimum required jobs, they could also lose their qualification for a Green Card.

The extent of risk and chance of fraud in the EB-5 program is a national issue, not a local one. I doubt any investor would pay blame on the city of their investment for a national program that is usually advised against for anyone mostly looking for investments, and only really advised for people who literally have no other possible way to immigrate to the US and will not settle for any other country.

Chances are, they did lose at least some of their investment. I'm not sure how costs would have risen to $50 million before construction even started on a project of that size, but if the ownership structure was like some tech finding deals I've seen it's at least possible that the investors ahead of the EB-5 investors had preferred stock or risk guarantees that would have invalidated an EB-5 Visa investment because the level of risk wasn't sufficient.

If actual fraud happened, they should get something back. But if they were simply subordinate shareholders and it was their dollars that funded the design and planning expenses then they lost because they rolled the dice in a risky game and lost. If you're going to invest $1 million in a game to gain residency in the United States, you really do need to be advised and not just treat it like opening a CD account at a bank. It's entirely possible that the advisor or advisors to the EB-5 investors were negligent or committed malpractice or were the perpetrators of fraud independent of the developers. It's probably a lot more complex that just "getting their money back," and worst case it could be like owning GM stock in 2009. Even if you sympathize with those investors, you likely didn't believe they deserved their money back.

The description in the article does sound odd, not least of which is that my understanding of EB-5 is that you have to invest at least one million except in certain areas with high unemployment. I don't see how downtown Chicago qualifies for that exception.
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  #43768  
Old Posted Today, 1:11 PM
marothisu marothisu is offline
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New construction permit for 1604 N Richmond (North & Richmond) for a new 6 story, 40 unit building with ground floor retail and 17 indoor parking spaces. Not 100% sure, but think it will knock down this building. I'm guessing some of the surface lot/vacant land just north of it will be built on too

https://www.google.com/maps/place/16...!4d-87.7005641
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  #43769  
Old Posted Today, 1:38 PM
SIGSEGV SIGSEGV is offline
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Originally Posted by BonoboZill4 View Post
Anyone know what this is?

Right next to the South Loop police station
New elementary school
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  #43770  
Old Posted Today, 2:29 PM
the urban politician the urban politician is online now
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Quote:
Originally Posted by marothisu View Post
New construction permit for 1604 N Richmond (North & Richmond) for a new 6 story, 40 unit building with ground floor retail and 17 indoor parking spaces. Not 100% sure, but think it will knock down this building. I'm guessing some of the surface lot/vacant land just north of it will be built on too

https://www.google.com/maps/place/16...!4d-87.7005641
Hmmm, not happy to see that torn down when there is a surface lot just west and north of this building. Hope that’s not the case
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  #43771  
Old Posted Today, 2:44 PM
LouisVanDerWright LouisVanDerWright is online now
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They should not be allowed to demo that building. Are we sure that building isn't 1600-1602 n Richmond while the lot to the North is 1604? It would seem odd to not take the 1600 N Richmond address if building a new building...
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  #43772  
Old Posted Today, 2:50 PM
west-town-brad west-town-brad is offline
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EB-5 is the modern equivilate of selling Florida swampland sight unseen.
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  #43773  
Old Posted Today, 3:13 PM
Rizzo Rizzo is online now
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Quote:
Originally Posted by LouisVanDerWright View Post
They should not be allowed to demo that building. Are we sure that building isn't 1600-1602 n Richmond while the lot to the North is 1604? It would seem odd to not take the 1600 N Richmond address if building a new building...
Looked more into this and the lot with the vintage 4 story plus contiguous parcels along north are owned by North Richmond LLC aka Wilmot Properties according to public records. I recall a lot of opposition to 2942 w north getting demoed. So for this project it appears 2 really nice vintage structures are lost.
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