Crain's Chicago Business, October 30, 2023

CHICAGOBUSINESS.COM I OCTOBER 30, 2023

Ford labor deal a ‘stunning’ win for union Automaker says the UAW’s 41-day strike cost it $1.3B; a slow restart could add to the tab

DINEAMIC HOSPITALITY

By Michael Martinez

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Ford Motor Co. likely will take weeks to resume full production in Michigan, Illinois and Kentucky after reaching a tentative agreement with the UAW on Oct. 25 that ended a 41-day strike.

Employees were called off picket lines shortly after the deal was reached, and many were placed on temporary layoff awaiting notification to return to work in the coming days, according to some who spoke with Crain’s sister publication Automotive News.

That slow restart could add to Ford’s financial losses from the strike. In an earnings presentation Oct. 26, Ford said the UAW’s

strike cost the automaker $1.3 billion, effectively wiping out $1.2 billion in third-quarter net income. CFO John Lawler said the strike canceled production of 80,000 vehicles. The deal, meanwhile, will increase Ford’s labor costs by $850 to $900 per vehicle, Lawler said, reducing margins by six or seven tenths of a percentage point.

About $100 million of the strike’s cost was in the third quarter, allowing Ford to post a third-quarter net profit after an $827 million loss a year earlier.

But the strike cost Ford $1.2 billion in the fourth quarter, and

At Crain’s 40 Under 40 event, the former mayor stressed that Chicago has to re-establish what makes it a good place to do business

NEIL BURGER

By John Pletz

Rahm Emanuel is focused on a different kind of politics these days: how to maintain America’s influence and its alliances across the Pacific as the U.S. ambassador to Japan.

When it comes to Chicago, the former mayor has always kept an eye on the big picture, and he’s never at a loss for words.

So when he sat down for a

wide-ranging conversation with Crain’s Group Publisher and Executive Editor Jim Kirk on Oct. 23 to celebrate the latest 40 Under 40 class, Emanuel had more than a few thoughts about what lies ahead for Chicago and other big cities in a post-pandemic world.

“Pre-COVID, for major urban centers, density was an asset. Today, in a post-COVID world,

VOL. 46, NO. 43 l COPYRIGHT 2023 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED

ECONOMY Latinos in Illinois have the highest household wealth among several peer states.

REAL ESTATE This home for sale in Evanston is surrounded by English gardens.

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See EMANUEL on Page 20

Burrell Communications acquired by private-equity firm Under new ownership and a new CEO, one of the most renowned Blackowned marketing agencies intends to pursue more general market work

By Brian Bonilla

Burrell Communications Group, one of the country’s most renowned Black-owned marketing agencies, is under new ownership.

Founded by industry trailblazer Tom Burrell in 1971, the Chicago shop has been acquired by Evolve Holdings, a consortium formed by Channing Johnson, a Los Angeles attorney at Loeb & Loeb, through his investment company View Park Capital and Black-owned private-equity firm FVLCRUM Partners.

The exchange includes the sale of the majority stake owned by Burrell co-CEOs McGhee Osse and Fay Ferguson since 2004 and the 49% owned by Publicis since 1999. Financial terms of the deal were not disclosed.

As part of the move, Tara DeVeaux will have a stake in and become CEO of the agency. DeVeaux was previously chief marketing officer of Los Angelesbased independent Wild Card Creative Group, and managing di-

rector of its creative content division, 3AM. Earlier, she held lead roles at agencies such as SpikeDDB and BBDO. One of the main goals for DeVeaux is getting Burrell Communications consideration for work that is more than multicultural.

“My goal is that we continue to not just excel in the Black and multicultural assignments and the way we’ve been doing for the last 52 years, but we make a strong case for why we should be considered for general market work as well,” DeVeaux said. “To me, it’s crazy that in every part of modern-day culture, Black people are creative leaders and icons, Black and Brown people are creating the culture in music, fashion, film, TV, and creating a culture that’s incredibly meaningful to billions of people worldwide. And yet when we look at marketing and advertising we are, with few exceptions, put into a box.”

Johnson, who organized the acquisition and brought on FVLCRUM as a partner, becomes

chairman of Burrell. The process itself took nine months, according to Johnson, who is also the chairman of 1Community, a film and TV production company behind films including “Just Mercy” starring Michael B. Jordan and Jaime Foxx, and “Respect,” starring Jennifer Hudson.

Johnson will focus on finding new areas for investment that could grow the agency, which currently has 135 employees. This will include a “substantial investment” in digital, experiential and entertainment, Johnson said.

Succession plans One thing that attracted Johnson to Burrell besides its legacy was the fact that the agency has been able to retain clients such as McDonald’s and Toyota for decades. Some of Burrell’s other clients include Coca-Cola Co., Comcast, Fidelity, Deloitte, FIFCO, Southern Company, and the American Red Cross.

“I’m very focused on deals in the Black community, companies

Channing Johnson, left, and Tara DeVeaux I DALLAS J. LOGAN

in the Black community that have been able to withstand the test of time and that I believe can achieve some greater scale,” Johnson said.

“So my objective is to grow the company organically and through acquisitions.”

Osse and Ferguson said they had been thinking about succession plans for a while, but had to make sure any new ownership fit the culture and also was minorityowned before they stepped down.

While Tom Burrell hasn’t had a stake in the company since 2004, both Osse and Ferguson said they are happy that his name will remain on the agency.

“Having jointly led Burrell for

nearly two decades,” Ferguson said in a statement, “McGhee and I sought to ensure that the new ownership shared our vision, standard of values and commitment to excellence and innovation in multicultural marketing, and we’re absolutely thrilled about their selection of Tara as CEO.” In August, FVLCRUM raised $302 million in a fund dedicated to investing in diverse companies with potential for growth. The PE firm declined to comment on whether money from this fund was used in the acquisition of Burrell.

Brian Bonilla writes for Crain’s sister site Ad Age.

American Airlines will dial up O’Hare service next year The airport’s No. 2 carrier sees an opportunity to rebuild its capacity, but sluggish business travel is a concern

By John Pletz

American Airlines, which has been slow to restore its service at O’Hare International Airport to pre-pandemic levels, plans to beef up its Chicago schedule next year.

American, the second-largest carrier at O’Hare, says it’s scheduled to fly 10% more seats in April 2024 than it did during the same month this year. With the launch of daily service from Chicago to Venice, Italy, next summer, American says that it will have the same number of international destinations as it did before the COVID pandemic.

Vasu Raja, American’s chief commercial officer, told analysts this month during the carrier’s third-quarter earnings call that “we actually see a lot of opportunities to go and grow . . . Philadelphia and Chicago specifically.”

As pandemic-era travel restrictions eased, American focused its resources elsewhere. The Fort Worth, Texas-based carrier is forecast to finish this year with 30% less capacity at O’Hare, based on seats, than it had in 2019, according to aviation-research firm OAG. Chicago-based United, O’Hare’s largest carrier, will have just 8% less capacity this year.

American’s slow rebound is one reason that O’Hare is still 14% below its pre-pandemic level of passengers and that domestic travel is lagging international, which was just 9% behind 2019 levels as of August.

2 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

Chicago has been hurt by two problems that have been a drag on the overall rebound in air travel in ways that impact American.

Because Chicago is a hub that connects many small markets in the middle of the country, it has a disproportionate share of regional-jet traffic. Such small jets became less economical to fly with higher oil prices, and the aircraft often lack premium cabins that have become increasingly important to airlines.

The airline industry has been wrestling with a pilot shortage, which has disproportionately affected regional carriers as pilots head for opportunities at the big airlines.

Fewer in-person meetings Chicago also is heavily dependent on business travel, which has been slow to recover industrywide as videoconferencing replaces routine face-to-face meetings and because employees have been slow to return to the office.

“The need to run 14 flights a day between O’Hare and LaGuardia or between LaGuardia and Boston . . . that’s a 2019 thing,” Brian Znotins, American’s senior vice president of network and schedule planning, told Crain’s in an interview over the summer. “We believe that the nature of business travel: It’s still there; it’s just different. You don’t need the single-day trips like you used to.”

New York’s LaGuardia is American’s second-busiest route, just be-

hind its home base of Dallas/Fort Worth, according to OAG data. Last year, American ramped up its LaGuardia capacity above prepandemic levels before throttling it back to one-third below 2019 levels

when the rebound in business travel was slow to materialize.

“A lot of O’Hare’s business was consultants moving in and out of Chicago, doing day trips and single overnights to the city,” Znotins said.

“That type of traffic has been the slowest to rebound, and it may never rebound to where it was in 2019. That’s one of the reasons we have O’Hare a little bit slower to recover than the rest of our system.”

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Loan highlights hotel sector’s ongoing rebound

A rendering of the north tower planned at 400 N. Lake Shore Drive.

The owners of the Godfrey Hotel Chicago took out a big new mortgage while many commercial property owners struggle with maturing debt

RELATED MIDWEST

By Danny Ecker

Developer set to begin 72-story apartment tower on Spire site Related Midwest intends to break ground on an ambitious 635-unit high-rise by the end of the year I By Danny Ecker

R

elated Midwest plans to break ground by the end of the year on the first of two residential skyscrapers on the Chicago Spire site, a long-awaited step forward for a project that stands to dramatically change the city’s lakefront skyline.

During a recent virtual meeting with Streeterville residents, the developer disclosed plans to begin work in 45 days on a 72-story apartment tower at 400 N. Lake Shore Drive, according to a person who attended the Oct. 17 meeting. The 635-unit tower would be on See SPIRE on Page 20

The first tower in the Lake Shore Drive project is slated to include 127 affordable units.

The owners of the Godfrey Hotel Chicago have refinanced the River North property at a difficult time to get new loans, a move that shows the ongoing comeback for the downtown hospitality market in the wake of the COVID-19 pandemic.

A joint venture of Chicago-based Oxford Capital Group and New York-based Quadrum Global earlier this month closed on a nearly $63 million mortgage tied to the 221-room hotel at 127 W. Huron St., according to Cook County property records. A separate Quadrum-led entity provided the new debt, which replaced a $47.5 million loan Oxford and Quadrum had taken out on the 16-story building in 2017. That previous mortgage matured on Oct. 6, according to Bloomberg data tied to the loan, which was packaged with other loans and sold off to commercial mortgage-backed securities investors.

The refinancing comes as many commercial property owners struggle to pay off maturing debt while higher interest rates drive down property values. In some cases, hotel owners that have been unable to secure new loans or refused to pour new equity into their properties have been hit with foreclosure lawsuits.

The Godfrey case highlights the benefits of keeping a relatively low amount of debt on a

property. When Oxford and Quadrum refinanced in 2017, the hotel was appraised at $101.4 million, according to Bloomberg loan data, more than double the balance of the mortgage. That gave the owners some breathing room during the pandemic, when demand was decimated and the hotel was appraised at just $71 million, Bloomberg loan data

In some cases, hotel owners that have been unable to secure new loans or refused to pour new equity into their properties have been hit with foreclosure lawsuits. show. Oxford and Quadrum at the time worked with a special servicer overseeing the previous loan to modify its terms and extend the maturity date to this month.

That extra time worked out well, thanks to a surge of leisure travelers that have propelled downtown hotels’ postCOVID recovery over the past 18 months.

And while See HOTELS on Page 22

Illinois leads peer states in Latino household wealth Higher rates of homeownership and retirement savings helped narrow the gap between white and Hispanic families in the state

By John Pletz

Latinos in Illinois have the highest household wealth among several states with large Latino populations.

With a median net worth of $158,800, Latino households in Illinois have more than twice the wealth of runner-up Texas, according to a study by Brookings Metro and the Chicago-based Latino Policy Forum. Researchers evaluated California, Illinois, Florida, New York and Texas — which have large, established Hispanic populations — as well as North Carolina, which has a

fast-growing Latino community.

The study looked at net wealth, or the value of assets held by Latino households, minus their debt, rather than incomes. Key factors in favor of Illinois’ Hispanic families include homeownership and retirement accounts.

Homeownernship In Illinois, 54% of Latino households had equity in their homes, second only to Texas at 62%. Brookings researchers noted that more than 50% of Illinois’ Latino population lives in the suburbs, according to research by the Latino Policy Fo-

rum. It also found that 47% of Latino households in the suburbs earn more than $75,000, and 60% of Hispanics living in suburbs own their homes.

Illinois had the highest percentage of Latino households with retirement accounts at 57%.

Florida, California and Texas ranged from 40% to 43%.

Account values also were much higher in Illinois, at a median of $84,800, compared with $54,500 for second-place New York. The study didn’t distinguish between pensions and 401(k)s.

The focus of the Brookings report was the wealth disparity be-

tween Hispanic and white households. Illinois had the narrowest gap among the states that Brookings studied, with white households having 1.9 times the median wealth as Latinos, compared with Texas, where the gap is a 3-to-1 ratio. The highest disparity is in New York, where white families have 40 times the median household wealth of Hispanics.

Median income Although Brookings didn’t track incomes, the UCLA Latino Policy & Politics Institute estimates median income for Hispanics in Illinois is second-highest among the peer group, just 5% lower than California’s $65,900. However, the cost of living in Illinois is 8%

below the national average, while California 40% higher.

Brookings noted several potential factors in wealth disparity between Latinos in the various states, including national origin, the length of time they have been in the United States, immigration or citizenship status and the initial socioeconomic status of migrant groups when they came to the U.S. Researchers point out that national origin and migration patterns play a role. In Illinois, 79% of Hispanics are from Mexico. In New York, Puerto Ricans are the largest Latino subgroup.

According to census data, Mexican Americans have 47% higher median incomes than Puerto Ricans.

OCTOBER 30, 2023 | CRAIN’S CHICAGO BUSINESS | 3

She’ll donate the proceeds of her home sale Robin Potter stands to clear over $600,000 on a Logan Square house. She’ll give it to programs for migrants and the homeless.

By Dennis Rodkin

Robin Potter is selling her Logan Square home of 43 years with an unusual plan for more than $600,000 in proceeds she’s likely to collect when the sale closes: She’ll donate the entire amount to programs that help migrants and those experiencing homelessness in Chicago.

“There’s need on a grand scale in this city, with 18,000 migrants and 68,000 people homeless,” says Potter, a labor and employment attorney. “They’re struggling, and it’s our duty to help them.”

Potter’s house, on Sawyer Avenue a few blocks from Kedzie Boulevard and the Chicago Transit Authority’s Logan Square Blue Line station, was going on the market Oct. 26. It has two units: the five-bedroom, two-story space where Potter raised her kids, and a one-bedroom rental at street level. It’s priced at $750,000 and represented by Brita Pagels of Berkshire Hathaway HomeServices Chicago.

With the mortgage already paid off, if the house sells at or near its asking price, Potter’s proceeds should exceed $600,000 after commissions, transfer taxes and other transaction costs are subtracted.

Potter confirmed the figure and said “it’s a drop in the bucket compared to what’s needed to help these people, but I’m trying to do my share. We’re putting them in tents? Where’s the humanity?”

Asked if she couldn’t have simply used her home to house some of the needy, Potter said, “that would only be a few people,” while the money from a sale could likely help far more people.

A full year of housing and other aid to a homeless person in Chicago costs an estimated $36,000.

Naperville resident David Fish, her partner at Chicago law firm

Fish Potter Bolaños, said he will make a cash donation of “about $1 million” in tandem with Potter’s donation of her proceeds.

Depending on the final amount that Potter’s home sale yields, the two could be putting more than $1.6 million into the effort to house people without homes, or enough to house and care for 44 people for a year.

“These people are in our backyard,” Fish said. “Instead of fighting them, we should help them, empower them.”

Paid $50,000 in 1980 Both Fish and Potter said they hope their contributions will nudge others to follow suit, although Potter acknowledges that most home sellers need their proceeds to go toward buying their next home or retirement.

She bought the house in 1980 for $50,000 and hasn’t had a mortgage since 2011, according to the Cook County clerk’s records. The house is on a 5,843-square-foot lot, according to the Cook County assessor.

That’s about 1.8 times the city’s standard 25-by-125 lot. ` Potter said she’s been discussing how to help homeless people — and, in the face of the current crisis, migrants — for the past couple of years with two members of the Chicago City Council, including Ald. Carlos Ramirez-Rosa, who represents the 35th Ward, where she lives.

She’s also been talking with Mayor Brandon Johnson’s director of philanthropy, Jackie Rosa. Neither Rosa nor Ramirez-Rosa responded to requests for comment.

The mechanism that would work best, Potter’s research indicated, was to first transfer the property’s title to a philanthropic entity known as a donor-advised fund, and when the fund sells the property and collects proceeds,

Robin Potter’s home on Sawyer Avenue I PORTRAITS OF HOME PHOTOS

she will be able to direct specifically where the money goes. “It’s like having a checkbook for your philanthropy,” said Rebecca Dupras, a consultant for the Florida-based Dechomai Foundation, an administrator of donor-assisted funds.

Dupras said Dechomai handles about 40 sales of homes a year where the proceeds go to a charitable use, though she was not aware of any being used to help homeless people and migrants, as Potter is doing. Charities, she said, “usually don’t want to accept the property and sell it themselves, because there are risks involved.”

Other donations The risks include having to cover the carrying costs of a house that sits unsold for a while, and having to put the property in the hands of staff who aren’t trained in real estate transactions.

Donating a house for a charity to sell is not unheard of. In January, the National Association of

Anorexia Nervosa & Associated Disorders, based in Chicago, sold a house in west suburban Wayne that its longtime owner donated.

The house sold for $1.125 million.

In 2015, Lake Forest Hospital sold a grand Tudor mansion in Lake Forest donated by Nancy Hughes, widow of John Hughes, the moviemaker behind “The Breakfast Club,” “Ferris Bueller’s Day Off” and others. It sold for $4 million.

Potter recently signed the house over to Dechomai, which is now the seller. She and Fish have not yet made a final deci-

sion about which city programs or not-for-profits will ultimately receive the funds. Potter will also gain a tax advantage for donating the house, but she declined to go into specifics on that, and Dupras was not authorized to discuss that aspect of the deal.

“It’s an interesting way for a property owner to contribute to helping a local problem,” said Pagels, the listing agent, although she emphasized that in all ways other than how the proceeds are spent, it will be a conventional sale.

MacKenzie Scott gives Chicago nonprofit its biggest gift Cara Collective, a workforce development organization, received an unrestricted $8 million donation from the billionaire philanthropist

By Brandon Dupré

Billionaire philanthropist MacKenzie Scott donated $8 million to Cara Collective, a Chicago-based workforce development organization. The gift is its largest donation ever, the nonprofit said.

This is the latest donation to a Chicago-area nonprofit by Scott, who has donated more than $270 million to Chica4 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

go-based locations over the past few years.

“This investment is an acknowledgment of the work Cara Collective has done to support thousands of job seekers in finding gainful employment opportunities and a testament to the dedication of our community who helped us reach this incredible moment,” Kathleen Caliento, president and CEO of Cara Collective, said in a news

of Scott donations, will allow the nonprofit to widen its reach, diversify its workforce development programs and invest back into its staff, the organization said. In the news release, Cara Collective said the donation will help move it closer toward its vision of “fueling a courageous national movement to eradicate relational and financial poverty.”

‘Quiet research’ MacKenzie Scott

release.

The unrestricted gift, typical

The nonprofit was selected through Scott’s charitable organization Yield Giving, which uses what it calls a “quiet research” process that inde-

pendently identifies and evaluates organizations “working to advance the opportunities of people in underserved communities.”

Scott’s organization recently announced the launch of a $250 million Open Call initiative for nonprofits “working with people and in places experiencing the greatest need,” according to its website.

Scott has signed The Giving Pledge, promising to give away more than half of her wealth, most of which comes from her divorce from Amazon founder Jeff Bezos. Forbes puts her current net worth at $34 billion.

Being a great place to work has its rewards.

And awards.

Because of our investments in industry-leading programs and resources, and our commitment to helping teammates achieve their personal and professional goals, we were awarded the Grand Stevie Award for Organization of the Year. I’m proud of this recognition, really proud of our dedicated employees, but most especially proud to be part of this community we all serve.

Rita Sola Cook President, Bank of America Chicago

Learn more at bankofamerica.com/chicago

What would you like the power to do?®

The Stevie Awards recognize the achievements of businesses and professionals worldwide. Organizations self-nominate, providing data for various categories, and winners are determined by the average scores of more than 240 professionals worldwide serving as judges.

Bank of America, N.A. Member FDIC. Equal Credit Opportunity Lender © 2023 Bank of America Corporation. All rights reserved.

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United sees economy class as a winning strategy Bigger aircraft give the airline opportunity to win at the front and back of the plane, taking aim at low-cost carriers

By John Pletz

United Airlines has talked plenty about the importance of the front of the plane, where passengers pay a premium for service and space.

It’s a big reason that United and other traditional carriers returned to profitability so fast from the depths of the pandemic, even though business travel hasn’t recovered.

Now the Chicago-based carrier is talking up the cheap seats in the back of the plane. United says revenue from its lowest-fare basic economy class was up 50% in the third quarter from a year ago, far outpacing its capacity growth of 16% and 12.5% overall revenue growth.

It’s one more prong of United CEO Scott Kirby’s long-term strategy that includes flying bigger planes and increasing its flying on lucrative international routes.

The plan also calls for doubling down on the hub-andspoke model as a way to beat discount airlines. Relying more on flying big planes to its hubs benefits O’Hare, which is in the midst of a major terminal over-

(low-margin airlines).”

United is expected to receive 20 new 737 Max planes in the fourth quarter and more next year.

“United has increased domestic gauge more than any airline since 2019, and our plan is to push that even further in the years to come,” Andrew Nocella, United’s chief commercial officer, told analysts Oct. 18.

haul and expansion that will provide more gates for United, its largest carrier, and American Airlines.

A key part of United’s strategy calls for replacing small regional jets with bigger planes, such as Boeing’s 737 Max and the A312neo from Airbus. Regional jets are more expensive to fly than bigger jets because fuel and other costs are spread across fewer seats. Older regional jets also don’t have first- or business-class cabins that bring in much higher revenue.

Business model woes

More premium seats Using bigger aircraft, or “up-gauging,” allows United to add more premium seats to compete with Delta Air Lines and American, as well as more cheap seats to battle Southwest, Jet Blue, Spirit and Frontier.

“When we used to try to compete with (low-cost carriers) with regional jets, we couldn’t compete,” Kirby told analysts. “We had a high-cost product, and we ran out of seats.

“Basic economy is a product where we can be price competitive but offer a far superior product than you can get on a low-cost

A key part of United’s strategy calls for replacing small regional jets with bigger planes, such as Boeing’s 737 Max and the A312neo from Airbus. I BLOOMBERG

carrier and still be price competitive.”

TD Cowen analyst Helane Becker says it’s a sound strategy.

“I think if you have a choice between United and another airline, you pick United.”

Fueling United’s back-of-theplane strategy is its success at the front of the plane. It has doubled premium seats since the pandemic, and its premium products account for more than half of all

passenger revenue. Typically first-class passengers account for 75% of a carrier’s profit but just 12% of passengers, according to industry estimates.

With a large number of big aircraft on order, United will step up the pressure.

“United plans to lean even more heavily into basic economy,” Jamie Baker, a JPMorgan analyst, told clients in a research note. “Translation: not good for

Kirby has long argued that the business model for low-cost carriers — which relies on steady growth by entering new markets with large aircraft — is breaking down because of a pilot shortage, supply-chain woes that have backed up aircraft orders and a dwindling number of new markets. He predicts a “shakeout” in the domestic market.

“Low-cost carriers generally must operate with very largegauge equipment to have low cost without the connectivity benefit of the hub-and-spoke business model,” Nocella said.

“Expansion of the low-cost model into smaller and medium-sized markets with these very large jets lacking connectivity just creates low marginal (revenue). Market saturation and the mismatch of gauge and other connectivity continues to plague certain business models.”

U of C, U of I are in the running for millions from feds UChicago’s quantum computing research and a UIUC agtech project are competing with 29 other sites for a bevy of grants

By John Pletz

Research efforts led by the University of Chicago and University of Illinois Urbana-Champaign are in the running for federal grants of $40 million to $70 million each.

A quantum-computing and communications project called the Bloch, led by the Chicago Quantum Exchange based at U of C, and a fermentation and agriculture-biomanufacturing effort led by U of I called iFab are among 31 regional tech hubs across the nation designated by the U.S. Department of Commerce.

The finalists were chosen from hundreds of applicants. Five to 10 of the tech hubs will receive $40 million to $70 million for research projects.

The tech hub initiative is part of the $53 billion Chips & Science Act, one of several massive federal-research funding programs fueled by a wave of legislation during the first two years of the Biden administration, such as the Infrastructure Investment & Jobs Act and the Inflation Reduction Act. 6 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

Illinois universities and the state’s national labs, Argonne and Fermi, are making a concerted effort to get a piece of what’s seen as a once-in-a-generation trove of funding to develop next-generation technologies.

The state of Illinois is part of a Midwest consortium that will share $1 billion to develop the supply chain for hydrogen-powered vehicles.

Competitive edge The federal government is investing billions in next-generation technologies to give the U.S. an economic competitive edge in areas such as semiconductors, renewable energy and electric vehicles.

“Our Tech Hubs Program . . . will supercharge innovation across the nation by spurring cutting-edge technological investments and creating 21st century job opportunities in people’s backyards,” U.S. Secretary of Commerce Gina Raimondo said in a statement.

Quantum computing, like semiconductor technology, is viewed as a massive commercial opportunity as well as a

The quantum computing lab inside the University of Chicago’s Eckhardt Research Center I BLOOMBERG

national-security issue.

The theory behind quantum computing is to use properties of quantum mechanics that will result in machines that are exponentially faster than traditional computers but also more secure.

If quantum computing works as expected, the increased computing power would enable users to easily break current encryption.

But it’s a defensive solution as well, providing much better protection against hacking because of a quantum principle in which the act of observation destroys the information being transmitted.

Early leg up Chicago has become an early leader in quantum computing

through the U of C-led Chicago Quantum Exchange, a consortium of academic and corporate partners. Argonne and Fermi got an early leg up when each received $115 million for quantum research from the U.S. Department of Energy.

“The idea is to build on the foundation the city and the state have developed in the field and to help all the startups. Since 2017, Illinois quantum startups have raised around $33 million over two dozen deals. It’s the second highest number of corporate deals in quantum startups after California,” said David Awschalom, a professor and vice dean for research at the Pritzker School for Molecular Engineering at the University of Chicago.

“If you really want to build a national competitive hub in an economically important technology for the United States, Chicago and the state of Illinois are important.”

The University of Illinois was named a tech hub finalist for its agriculture-technology proposal to develop fermentation technologies to convert plant-based feedstocks into food ingredients, building-block chemicals, fuels and other materials. The proposal involves Champaign and Decatur, which is home to the North American headquarters of commercial agriculture giant ADM.

Acclaimed New York chef to open first restaurant here Greg Baxtrom, a south suburban native, is moving his French bistro to a space that has been vacant for nearly 30 years

By Corli Jay

Prominent New York chef and Chicago-area native Greg Baxtrom will open his first restaurant here next year — at a site he’s been eyeing for years.

Petite Patate, a casual French bistro that offers creative takes on French dishes, will open in Baxtrom’s south suburban hometown of Frankfort next year. The announcement comes after he revealed the closure of Petite Patate in New York in an Instagram post on Oct. 16.

“Many know that chef Greg grew up right outside of Chicago, and it’s always been a dream of his to open a restaurant in his hometown. A restaurant Greg grew up going to with his family has remained vacant for decades, and he’s excited to open Petite Patate in that space in 2024.”

Baxtrom, 38, expects the restaurant to open in April 2024 at the former site of an eatery called Cactus Carol’s, which has been closed for nearly 30 years.

“My parents would tell stories of ‘that was the restaurant where we used to go on dates,’ but it would be completely closed up and we would walk past it,” Baxtrom described. “It was the place where if I was going to open up something in Chicago, that’s that was the place that I wanted it to be. It

would have the most context that would have the most meaning.”

Walking through the area a couple of months ago, Baxtrom said he reached out to developer Kevin Kreger, who was already working on the building’s restoration. The two hit it off immediately, as Kreger wanted to work with someone who was passionate about the space.

The space at 116 Kansas St. will be the new home of Petite Patate.

Baxtrom opened the Brooklyn location in February in the original space of his Japanese skewer restaurant Maison Yaki, which opened in 2019.

“It’s not a very big restaurant.

It’s not going to be a big cash cow or anything. It’s just going to be a cute little restaurant in my hometown. That’s what I want.”

First solo venture

The exterior of the former Petite Patate French bistro location in New York I NOAH FECKS

Baxtrom said the restaurant will seat about 50 people and offer an inviting and “feminine” atmosphere, giving the south suburb an upscale restaurant that doesn’t feel too fancy, with offerings such as fried pickles, steak frites, and a salad with a poached egg.

As the founder of Baxtrom Hospitality Group, Baxtrom is the owner of three other restaurants in New York, including the recently opened Patti Ann’s in Brooklyn, which pays homage to his mother and the Midwest with its food se-

lection. The Frankfort venture will be the first that Baxtrom runs solely himself, as his New York restaurants were run with the help of investors.

“Now that I have a bit of a reputation and a standing, and I have goodwill, I can apply for my own (Small Business Administration) loan, whereas, historically, I’ve always sort of had investors do stuff like that,” said Baxtrom. “I want to see what happens when I take that responsibility. I just need to experience these things on my own first-

U of I’s for-profit COVID test spinout is winding down

By Jon Asplund

The market for saliva testing has dried up.

Shield T3, the University of Illinois’ for-profit subsidiary spun out of researchers’ PCR saliva testing technology, is winding down operations, U of I System President Tim Killeen said Oct. 23.

Through T3, U of I and its Discovery Partners Institute provided the Shield saliva-based testing for COVID-19 detection outside Illinois.

In June, Crain’s reported the company had turned its attention to human and agricultural wastewater streams as the pandemic began to subside.

In addition to shifting to wastewater testing to track COVID-19, RSV and influenza, it most recently deployed kiosks to dispense health care products such as over-thecounter medicines, primarily on university campuses, the statement said.

With the end of the pandemic health emergency earlier this year and decline in the volume of COVID-19 tests being processed, T3’s business is now ending, Killeen said in a statement. The wind-down will require a vote of

the University of Illinois Board of Trustees, anticipated at its next regular meeting in November, the statement said.

“Shield T3 provided lifesaving testing during the most challenging periods of the COVID-19 pandemic, taking our revolutionary and reliable Shield test and making it available to many millions of people across the country and around the world,” Killeen said in the statement. “When Illinois and the world needed us most, the U of I System answered with Shield and Shield T3. I am incredibly proud of all of those who worked to make this happen.”

During the pandemic, Shield T3 and a separate entity known as Shield Illinois deployed millions of saliva-based tests throughout Illinois and around the nation and internationally.

Bill Jackson, DPI’s executive director, said in the statement that the creation of the Shield test and Shield T3 was a testament to the capacity of the U of I system to deliver on its mission to serve the public good.

At its peak, Shield T3 employed 172 full-time staff members and contractors. It has processed more than 5 million tests.

hand for them to really sink in.”

The main reason for opening the Frankfort location is to be closer to family, said Baxtrom.

“I just work all the time. I hardly remember to call my mom. I feel like a terrible son, and every time I call my dad, it’s usually to help me fix something in one of my restaurants. I want to learn and become a broader sort of entrepreneur. I am hoping that it will bring me closer to my family,” he said.

Baxtrom’s first venture, Olmsted, which features American-style

dishes, opened in 2016 was quickly critically acclaimed, being featured in Esquire’s Best New Restaurants in America and Food & Wine’s 2017 Restaurant of the Year.

Baxtrom attended National Louis University’s culinary school, Kendall College, on Michigan Avenue, where he would eventually become chef assistant. He paid his dues in various roles, including at Alinea and as a production baker at Fleckenstein’s Bakery in the southwest suburb of Mokena.

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Big Magnificent Mile hotel hits the market The offering of the Westin Michigan Avenue comes amid a prolonged drought of hotel sales in the city

By Danny Ecker

After selling a Magnificent Mile retail property and putting a River North hotel up for sale earlier this year, Pebblebrook Hotel Trust is now looking to exit the Chicago market altogether.

The Bethesda, Md.-based real estate investment trust has hired brokerage Jones Lang LaSalle to seek a buyer for the 752-room Westin Michigan Avenue Chicago at 909 N. Michigan Ave., according to a marketing flyer. The listing comes about seven months after Pebblebrook sold off the hotel’s ground floor retail space for $27.3 million and a few months after the company tapped JLL to sell the 354-room Hotel Chicago, Pebblebrook’s only other property in the city.

The offering will test investor appetite for one of Chicago’s largest hotels amid a prolonged drought of hotel sales. Higher interest rates and lingering fears of an economic downturn have kept many buyers on the sidelines for hotels and other types of commercial real estate this year.

Aside from the sales of newly built St. Regis Chicago on Wacker Drive and the CitizenM hotel on Michigan Avenue that were pre-negotiated while the properties were under construction, the last big downtown hotels to trade were the Embassy Suites Chicago Downtown and Hilton Garden Inn Magnificent Mile in March 2022, according to research firm MSCI Real Assets.

The Westin Michigan Avenue is also hitting the market amid a difficult stretch for North Michigan Avenue, where a run of store closures during the public health crisis pushed the retail vacancy rate to nearly 30%, or almost twice as

high as it was in 2019.

Yet hotel owners downtown today have a stronger sales pitch than they did a year ago, thanks to a comeback in leisure travel to the city with the end of the COVID-19 pandemic. Revenue per available room — a key demand metric that accounts for both occupancy and room rates — averaged $146.16 among downtown hotels through the first nine months of the year, according to data from real estate information company CoStar Group. That was up 9% from the same period in 2022 and slightly higher than the same stretch of 2019, though it still remains below the pre-pandemic level when accounting for inflation.

No asking price There is no asking price for the Westin Michigan Avenue, which Pebblebrook acquired in 2018 as part of its $715 million acquisition of LaSalle Hotel Properties. In its most recent annual report, the REIT pegged the property’s value as of the end of 2022 at roughly $156 million, or more than $200,000 per room, But that included the retail property that Pebblebrook ultimately sold off in March.

People familiar with the hotel offering estimated it could fetch bids close to $110 million, or in the range of $150,000 per room. The hotel and retail property combined last traded in 2006, when LaSalle Hotel Properties bought it for $214.7 million.

JLL is playing up the city’s tourism comeback and a robust next two years of scheduled big meetings and conventions, which typically book rooms at so-called “bigbox” hotels like the Westin. The property has gotten $49 million in

People familiar with the Westin Michigan Avenure offering estimated it could fetch bids close to $110 million, or in the range of $150,000 per room. I GOOGLE

capital improvements since 2012, including guest room and public space renovations as well as upgrades to building systems, according to the flyer.

But marketing materials also frame the property as a partial redevelopment candidate. A new owner could split the hotel into a dual-brand property beginning in 2027 with the expiration of contracts for the Westin brand and Marriott International’s management of the hotel. The property includes a 15-story west tower that opened in 1963 and an adjoining 26-story east tower completed in 1972.

Potential for residential JLL suggests in the flyer that the property could be partially converted into a residential use, student housing, senior housing or

timeshare rental units.

Pebblebrook reported in an investor presentation earlier this year that the Westin — including the retail portion — generated earnings of $6.5 million in 2022.

That was up from a $3.3 million loss the year before but still below the property’s $9.9 million in positive earnings in 2019.

A spokesman for Pebblebrook did not respond to a request for comment. Pebblebrook CEO Jon Bortz told analysts on a conference call in February that Chicago and other major urban markets in which it owns properties have been “slower to recover” in part because of remote work reducing foot traffic in major urban centers.

But he also took an optimistic tone, saying at the time that “activity on the streets” in such markets was “continuing to get better.”

If Pebblebrook can find buyers for both the Westin and the Hotel Chicago, it would join a group of REITs that have entirely cashed out of the Chicago hotel market over the past three years.

Irvine, Calif.-based Sunstone Hotel Investors exited the market early last year with the sale of the Hyatt Centric Chicago Magnificent Mile, Embassy Suites Chicago Downtown and Hilton Garden Inn Magnificent Mile. Orlando-based Xenia Hotels & Resorts also decamped from Chicago with its sale last year of the former Kimpton Hotel Monaco at 225 N. Wabash Ave., which has since been rebranded to the L7 Chicago hotel.

Adam McGaughy and John Nugent in the JLL Chicago office are marketing the Westin Michigan Avenue Chicago for Pebblebrook.

Why Ulta Beauty is testing in-store sampling machines The pilot program is expected to reveal valuable customer data

By Adrianne Pasquarelli

At Ad Age’s recent Media Summit, Ulta Beauty Chief Marketing Officer Michelle Crossan-Matos spoke about the retailer’s prioritization of its loyalty program, personalization and innovation. Now the Bolingbrook-based cosmetics chain is testing a new program that taps into all three areas.

Ulta Beauty is partnering with SOS, a startup that provides digital vending machines of health and wellness products, for a pilot program. The six-month deal includes the installation of SOS machines doling out samples in 10 Ulta locations in New York, Massachusetts, Florida, California and Texas.

As part of the trial, Ulta advertisers will appear on digital touch screens on the front of each machine, while the 41 million members of the retailer’s loyalty program, Ultamate Rewards, will be able to pick and choose samples 8 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

from inside.

Because the program is only a test, it will not be part of Ulta’s instore retail media offerings, according to Maria Salcedo, senior VP of merchandising at the retailer. However, she said the program could lead to valuable data about what products and brands are resonating with customers.

“What is unique about the SOS sampling program is that it allows us to provide more personalized product choices for our guests and better understand their individual interests and needs across categories,” Salcedo said. She added that loyalty members and customers who sign up in stores can choose one complimentary sample in hair care, skincare and cosmetics each week.

From the choices, Ulta will be able to glean better data and insights about what customers want and serve them more tailored content and recommendations in the future, according to Salcedo. “It’s a

win-win trial opportunity as we reward existing loyalty members with a more customizable sampling option while incentivizing new guests to join, and we’re excited to see how guests engage with it in stores,” she added.

First partnership for SOS This marks the first partnership for SOS with a national retailer. The Boston-based company was founded three years ago by Susanna Twarog and Robina Verbeek, who were formerly in finance. SOS also works with the National Hockey League’s Florida Panthers and real estate company Tishman Speyer.

The machine’s digital screens appear similar to that of Cooler Screens, a Chicago startup that rolled out a program with Walgreens featuring ads on refrigerator and freezer doors as a form of digital retail media. However, that deal ended in controversy amid complaints about the efficacy of the ads; in

Vending machines will appear in 10 Ulta locations. I CREDIT: SOS X ULTA

June, Cooler Screens sued Walgreens for $200 million, alleging breach of contract.

Twarog, co-founder and coCEO of SOS, expects her company’s pilot to be successful while others have not worked because she said the deal will “elevate the traditional store retail experience rather than replace it.”

Experts have hailed in-store sampling as a smart way to get new products directly into the hands of

interested consumers.

Ulta joins Walmart in pushing more in-store samples as a way of finding out more about consumer preferences. The retail giant recently said it will expand its sampling program to more than 1,000 locations; other grocers such as ShopRite are also growing such offerings as online ads lose their potency at targeting new customers.

Adrianne Pasquarelli writes for Crain’s sister publication Ad Age.

Wisconsin developer resurrecting, adjusting plan for big apartment complex in Deerfield Continental Properties is dusting off and tweaking a previously approved project slated for behind Deerbrook Shopping Center that never broke ground

By Danny Ecker

A Wisconsin developer is reviving plans for a big Deerfield apartment project that another real estate firm shelved after winning approval for it four years ago.

Menomonee Falls, Wis.-based Continental Properties has teamed with the venture that owns the Deerbrook Shopping Center in the northern suburb on a plan for a 254unit apartment complex behind the shopping center, according to a proposal submitted to the village of Deerfield. The move dusts off and slightly tweaks a plan that village officials approved in 2019 for a 246unit apartment development on the 10.7-acre site, which is owned by a venture of Deutsche Bank affiliate DWS Group.

Under the new plan, a joint venture of Continental and DWS would develop a complex dubbed “Springs at Deerfield” with eight three-story town home-style buildings on a vacant lot between the Edens Spur and the shopping center at Lake Cook and Waukegan roads. The venture would begin with a club-

house on the site and build the townhome properties over the course of 18 months, according to documents submitted to the village.

The proposal requires sign-off from the village of Deerfield on an amendment to the previously approved plan. DWS had teamed with local apartment building Reva Development Partners on the original concept, but their venture never broke ground and ultimately hired a broker earlier this year to sell the property.

Would add luxe units Many shopping center owners have turned to apartments in recent years to help generate foot traffic as more people have shopped online.

Just one mile east of Deerbrook Shopping Center, the owner of Northbrook Court mall is planning to add apartments and other uses to breathe new life into that vacancy-plagued property. A similar plan is in the works at Old Orchard mall in Skokie, where the property’s owner intends to raze the shuttered Bloomingdale’s department store and build a mixed-use residential

complex in its place.

The Springs at Deerfield would include a mix of units ranging from studios to three-bedrooms, with projected rents ranging from $1,375 per month for a studio to $2,525 per month for a threebedroom unit, according to village records. The project would include 25 affordable units to comply with the village’s ordinance governing affordable housing in new residential developments.

A DWS spokeswoman did not provide a comment on the Deerfield proposal, and a Continental Properties spokesman did not respond to a request for comment.

Continental Properties and DWS will need to present their plans during a public meeting of the Deerfield Plan Commission and win approval from the village of Deerfield’s board of trustees to move forward with the project.

The complex would add new luxury rental units to a suburban apartment market that has been kind to landlords over the past couple years.

A spike in borrowing costs over the past year has held back the normal

An aerial view of the plan for the Springs at Deerfield. I CONTINENTAL PROPERTIES

movement of renters becoming homeowners, bolstering demand for apartments overall.

Median net rent at apartments across the suburbs during the second quarter were up 5.4% over the same period last year and 23.3% higher than the second quarter of 2021, according to data from appraisal and consulting firm Integra Realty Resources.

Continental Properties was founded in 1979 and has developed more than 35,000 homes across 125 communities in 19 states, village records show. The company has developed a series of apartment projects under the “Springs” brand in several Chicago suburbs, including

Crystal Lake, St. Charles, Aurora and Bolingbrook.

Deutsche Bank acquired Deerbrook Shopping Center in 1998 on behalf of the Los Angeles County Employees Retirement Association, according to Cook County property records. As of April, the 459,000-square-foot shopping center was 79% occupied, according to Mid-America Real Estate, which leases the property. But one of its tenants, Bed Bath & Beyond, has since closed its store in the property.

Remaining tenants include Jewel-Osco, Hobby Lobby, furniture outlet The Dump, Office Depot and Marshalls.

OCTOBER 30, 2023 | CRAIN’S CHICAGO BUSINESS | 9

LET

T EDITORIAL

What these key leadership picks say about Johnson’s governing style

M

lack of nominees to run other key departments within Johnson’s administration.

As of this writing, Chicagoans still don’t know who will run the Chicago Department of Transportation, the Department of Housing or — most worrying of all, as we continue to grapple with COVID and now an influx of migrants needing care —

Chicagoans shouldn’t have to wait this long to know who will take responsibility for such important government functions.

CRAIN’S ILLUSTRATION

uch like the candidate he backed to run the Chicago Police Department, Mayor Brandon Johnson’s pick to run Chicago’s Department of Planning & Development signals that Johnson — whose inner circle largely consists of passionate progressives long on conviction but short on political experience — is willing to add pragmatic people to his team.

Ciere Boatright, like new police Superintendent Larry Snelling, takes over the Planning Department Nov. 20 with deep, practical experience in the field. Englewood native Snelling was, to many observers, a reassuring choice as Chicago’s top cop, having come up through the ranks of the department while building a reputation as a level-headed problem-solver and cool communicator. Boatright — whose selection to run the Planning Department, a key hub for business interests throughout the city, was announced Oct. 25 — will bring similarly real-world know-how to the role.

As Crain’s Danny Ecker reports, Boatright has been vice president of real estate and community development at Chicago-based CRG, the real estate development and investment arm of construction conglomerate Clayco. Prior to joining CRG in 2021, the Grand Crossing native and 2020 Crain’s 40 Under 40 honoree spent eight years with Chicago Neighborhood Initiatives, the community developer that has led a series of major projects revitalizing the Pullman neighborhood on the city’s Far South Side.

Assuming Boatright’s nomination is approved by the City Council, Johnson is likely to find his new planning chief will be well received by the local real estate community, according to Crain’s reporting.

Many have advocated for Johnson to appoint someone to the role with local real estate experience who can shepherd along projects — and the jobs that they create — more efficiently than was done under Johnson’s predecessor, Lori Lightfoot.

Developers back then often lamented that the department was too slow to review and approve projects under Maurice Cox, an architect by trade who restructured and brought several new people into key department roles. Coming as Boatright does from the real estate development world, there is reason to hope the Johnson

Planning Department will be more responsive to the industry’s needs than the Lightfoot team was.

Boatright takes over a department of 172 people facing challenges on multiple fronts, including the revitalization of downtown, the response to the migrant crisis, and the ongoing efforts to spur economic development in historically disinvested communities on the South and West sides. So there is important work ahead and an urgent need for proficient leadership to take the reins.

All of which underscores the glaring

the Department of Public Health. All are currently being supervised by acting commissioners, holdovers from the previous administration whose decisions, no matter how well intentioned they may be, are ones they won’t be held accountable for unless they win their jobs permanently.

The Johnson administration has signaled it will turn its attention to filling those posts after budget season is over. It’s a sign of how ill-prepared Team Johnson was that the mayor didn’t come into office armed with nominees for these positions from the beginning. Chicagoans shouldn’t have to wait this long to know who will take responsibility for such important government functions. But, based on the Snelling and Boatright nominations, there is at least some reason for optimism that when Johnson does eventually get around to filling these roles, his picks could possibly be people who bring hard-headed experience to the job.

PERSONAL VIEW

Watchdog twists facts on Peoples Gas rate hike request

T

here they go again.

It’s unfortunate to see an organization like the Citizens Utility Board once again twist the facts and mislead the public. This time the group went beyond their usual tactics and into personal attacks.

In “Regulators need to keep the pressure on Peoples Gas” (Oct. 16), CUB’s leader undercuts the integrity of the Illinois Commerce Commission’s inclusive, transparent decision-making process — and also an independent judge and the experienced civil servants who work for the state of Illinois.

Why the attack?

It seems CUB has indigestion over the

judge’s conclusions in a Peoples Gas rate case, conclusions arrived at after all evidence presented in public hearings and formal filings was considered. That’s what the ICC’s judges do: They apply the law to the facts presented by all parties, hear everyone’s arguments and issue proposed decisions that are eventually reviewed by ICC commissioners.

Even beyond their unnecessary attack, CUB has issues with the facts.

Here is the truth about Peoples Gas’ request of state regulators: ◗ This is the first time in nine years Peoples Gas has requested a rate review of base rates. ◗ Due to a decline in the cost of natural

gas, the request — even if approved in full — is not expected to increase the typical customer’s bills from last winter. ◗ The rate request is necessary to ensure ongoing safety and reliability in Chicago’s heating system. The system has rapidly corroding pipes from as far back as the 1800s. An independent engineering study ordered by the ICC determined the pipes need urgent replacement and Peoples Gas’ ongoing work to do so should continue. ◗ The pipe modernization also is protecting the environment by stopping leaks, and it positions Chicago to heat homes and businesses with clean energy such as renewable natural gas and hydrogen.

Write us: Crain’s welcomes responses from readers. Letters should be as brief as possible and may be edited. Send letters to Crain’s Chicago Business, 130 E. Randolph St., Suite 3200, Chicago, IL 60601, or email us at letters@chicagobusiness.com. Please include your full name, the city from which you’re writing and a phone number for fact-checking purposes.

10 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

◗ CUB’s position against modernizing the

system is the opposite of equity. Taking away Chicagoans’ gas stoves and forcing people onto all-electric heating systems would favor only the wealthiest people — those who can afford renovations that cost tens of thousands of dollars per home. Everyone else would get left behind.

Despite CUB’s efforts to obscure the truth, everyone will remember that Chicago’s residential heating bills are far below the average of other large U.S. cities. It’s been that way for years and will continue that way long into the future.

Torrence L. Hinton is president of Peoples Gas.

Sound off: Send a column for the Opinion page to editor@chicagobusiness.com. Please include a phone number for verification purposes, and limit submissions to 425 words or fewer.

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LETTERS TO THE EDITOR

Time to focus on next steps for tipped workers and restaurants

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t Women Employed, we have pursued equity for women in the workforce for 50 years, especially for women in low-paid roles and Black and Latina/x women. We recently celebrated the passage of the Chicago ordinance that phases out the sub-minimum wage for tipped workers over five years and ensures that tipped workers will rightly earn the full minimum wage on top of their tips.

We take issue with the article “The unintended consequences of abolishing tipped wages” (online, Oct. 13).

While the piece was one-sided, we are more concerned with the major points missing from it. Most important, many restaurants — over 100 in Chicago — have already eliminated the sub-minimum wage.

About one-third of Illinois Restaurant Association members are already paying tipped workers the standard minimum wage or above.

It’s not a new and untested idea.

More and more, paying tipped workers the standard minimum wage is becoming a typical business practice, and many of the restaurants that choose to do so are seeing the benefits, as evidenced by the more than 60 Chicago restaurants that supported the ordinance.

Also not mentioned is that eight states and the District of Columbia have already eliminated the sub-minimum wage. The restaurant industry has not collapsed in those states. On the contrary, they are reporting higher restaurant job growth rates, higher small-business growth rates and higher tipping averages than Chicago.

Instead of fearmongering, we should be welcoming the positive economic impacts this ordinance will have on lower-paid tipped workers, particularly Black and Latina/x women who largely work in smaller, more casual establishments. For these workers, whose financial stability is often precarious, earning a full minimum wage with tips could be life-changing.

It will be important to evaluate how restaurants and other businesses with tipped workers implement the new law, and support them. Our partners at One Fair Wage, supported by Mayor Brandon Johnson, plan to issue capacity-building grants to small-restaurant owners to assist with the transition. The city, through the Office of Labor Standards, will also need the resources to be proactive about communication and enforcement. But the fact remains that this is the law in Chicago. Instead of picking it apart, we should focus on the next steps that make the most sense for workers and restaurants.

Ending the sub-minimum wage for tipped workers is an overdue step toward economic, gender and racial justice in Chicago. We believe Chicago’s vibrant, world-renowned restaurant industry is already well on its way to proving that. That point cannot be understated and should not be overlooked.

SHARMILI MAJMUDAR Executive vice president of policy, programs and research Women Employed

Stop attacking me and focus on Chicago’s real problems

A

recent Crain’s editorial, “A pass-the-popcorn moment for Chicagoans” (Oct. 2), presents a misguided narrative on my concerns about the film “Dumb Money” and the future of Chicago.

Let’s start with the film. My team identified some glaring factual inaccuracies in a trailer promoting “Dumb Money” and raised those with the studio. As I told CNBC a few weeks ago, I haven’t seen the film, but I look forward to watching it.

Turning to Chicago, Crain’s Editorial Board demonstrated a com-

plete lack of integrity in criticizing me for raising my voice about the worsening plight of the city I called home for over 30 years.

The editorial opens, “Is it possible to defame an entire city?” and refers to me as “one of Chicago’s most vocal and long-standing critics.”

The truth is quite to the contrary.

For over three decades, I have done nothing but advocate for the city and people of Chicago. I started my business there, brought jobs and revenue to the city and state, raised my family there and supported a variety of initiatives I am passionate about that continue to benefit Chi-

cago and its residents.

Rather than point a finger at me for expressing real concerns about the direction Chicago and Illinois are headed in, Crain’s should devote its coverage to holding elected officials in the city and state responsible for their continued dereliction of duty.

Since 2019, according to the Chicago Police Department, murders are up 19%, robberies are up 33% and motor vehicle theft is up a whopping 228%.

Chicago’s public school system takes in nearly $30,000 per student in revenue, and yet, tragically, no

more than 25% of students are proficient in math or reading at grade level, and enrollment has dropped by over 15% over the past decade.

The city is losing population, jobs and tax revenue every year, while unfunded pension obligations continue to go unaddressed.

As I said to CNBC, Chicago was once a glorious city, and it still can be with the right leadership.

Crain’s should spend less time falsely attacking me and instead focus on the real issues important to the future of the people of Chicago.

KEN GRIFFIN Miami

From top talent to top employers, Crain’s Career Center is the next step in your hiring process or job search.

Connecting Talent with Opportunity.

Get started today ChicagoBusiness.com/CareerCenter

OCTOBER 30, 2023 | CRAIN’S CHICAGO BUSINESS | 11

PEOPLE ON THE MOVE

Advertising Section To place your listing, visit www.chicagobusiness.com/peoplemoves or, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

ACCOUNTING

BANKING

FOOD / BEVERAGE

MANUFACTURING

RETAIL

ORBA, Chicago

Wintrust Financial Corporation, Chicago

ofi (olam food ingredients), Chicago

The Partner Companies, Chicago

Buccellati, Chicago

ofi (olam food ingredients) welcomes Paul T. Parker as senior vice president, head of North America HR. Paul will be based at ofi’s North American headquarters & Customer Solutions Center in Chicago. He will be a key member of the company’s Global HR and the North America Leadership Teams.

Paul brings over 30 years of HR experience. He has worked in diverse industries as a strategic HR partner and most recently served as CHRO & Global SVP of Safety Health and Sustainability for SunRice Group.

Kelsey Letizia, CPA, has joined The Partner Companies (TPC) as their VP of Finance.

With 15 years of experience in finance and accounting, Kelsey is a CPA and brings deep knowledge in scaling organizations through organic initiatives as well as M&A diligence and integration. Her expertise in assessing the financial and operational complexities of target acquisitions will help TPC grow their market position and progress their acquisition strategies.

Brian Morrow has been appointed Boutique Director of the renowned high jewelry brand Buccellati, located on Chicago’s luxurious East Oak Street in the historic Gold Coast neighborhood. Previously, Brian has held positions at Neiman Marcus as the Precious Jewels Salon Manager and at Saks Fifth Avenue as the Fine and Estate Jewelry Manager. Additionally, Brian holds a certificate of AJP from the GIA. The expertise and knowledge Brian brings to Buccellati will undoubtedly add value to the client experience and the Chicago boutique.

ORBA, one of Chicago’s largest public accounting firms, welcomes Kay Mills and Brian McCabe to the firm. Kay joins the firm as a Payroll and Accounting Specialist.

Mills She will assist the firm in payroll management and processing, accounts payable and operational support.

Brian McCabe joins ORBA as its Senior Manager of Business Valuations and will oversee all business McCabe valuation engagements.

He works in a broad range of industries and has prepared valuations for gift and estate tax, corporate planning, succession planning, employee stock ownership plan (ESOP), litigation and financial reporting purposes.

Christine Hawthorne joined Wintrust Financial Corp as a SVP, Regional Portfolio Manager supporting Wintrust Bank, NA. Christine brings over 15 years of experience in commercial middle market lending with a focus in credit and risk management and capital markets. Christine holds a BS in Finance from University of Illinois at Urbana-Champaign and an MBA from DePaul University, Kellstadt Graduate School of Business.

BANKING Wintrust Financial Corporation, Chicago Michael Robins joined Wintrust Financial Corp as its SVP, Regional Portfolio Manager supporting Wintrust Bank, NA as well as Beverly Bank and Trust. Throughout his 20-year career in commercial banking, Michael has focused on supporting family owned and closely held companies in the Chicago area primarily through cash flow-based lending structures. Michael holds a BS in Business Administration from Washington University in St. Louis.

INSURANCE Meridian Health Plan of Illinois, Inc., Burr Ridge Meridian is honored to have Cristal Gary, Plan President and Chief Executive Officer, oversee its governmentsponsored managed care services and commercial health plans. Meridian serves more than 1 million people in Illinois. Cristal brings over 20 years of healthcare experience across private and state government sectors to her role. She will help transform the health of Meridian’s members and communities, ensuring all members have access to high-quality, comprehensive healthcare.

REAL ESTATE Clear Height Properties, Oak Brook Meredith Pond has been named Director of Culture and Talent at Clear Height Properties.

In this role, Pond will continue to develop the value-driven, peoplefirst culture that has placed the firm on a remarkable upward trajectory, consistently outpacing forecasts for growth. Gary Rose, Clear Height COO and President, adds, “Everything about Meredith proved to us that she would be the perfect fit. She is driven to go above and beyond and we’re very excited to have her on board.”

BANKING Old National Bank, Chicago

CONSTRUCTION

Old National is excited to welcome Joe Wicklander to its downtown Chicago office as Senior Director of a newly created Financial Institutions Group. He will build a team focused on providing credit, liquidity, treasury management and capital markets solutions to financial sponsors, trading firms, asset managers, broker dealers, FCMs, financial exchanges, insurance companies and more. Joe has more than 20 years of financial experience, the past 10 leading the Financial Institutions Group at CIBC.

Clayco, Chicago Clayco welcomes Conor Tighe, Vice President of Preconstruction Management. With 21 years of industry experience, Conor will elevate our preconstruction efforts, ensuring excellence in project planning and execution. Conor will be responsible for overseeing preconstruction processes, budgeting, and resource allocation to ensure that our clients receive the highest level of service and value.

FOOD / BEVERAGE

To order frames or plaques of profiles contact Lauren Melesio at lmelesio@crain.com or 212-210-0707

P012_CCB_20231030_v1.indd 1

BeneSys, Inc., Chicago BeneSys is pleased to announce that Megan Sherman has joined the Plan Management team as a Plan Manager in our Chicago, IL office.

Megan is a graduate of the University of Illinois and is a Certified Plan Fiduciary Advisor.

Megan is a nominee for the National Association of Plan Advisors Top Woman Advisor for 2023. Throughout her nearly 20-year career, she has helped thousands of Union members through their retirement process.

COMPANIES ON THE MOVE LAW FIRM Croke Fairchild Duarte & Beres LLC, Chicago Croke Fairchild Duarte & Beres welcomes Carson Griffis to the firm as counsel in the Litigation & Investigations practice group. Carson focuses his practice on complex commercial litigation at both the trial and appellate levels. Prior to joining the firm, Carson served as a supervising attorney in the Civil Appeals Division of the Office of the Illinois Attorney General.

Crafty, Chicago Crafty welcomes David Duffie as Vice President of Finance. He will lead Crafty’s finance team, driving the business towards profit maximization. Before Crafty, David worked at Leap, the company building the world’s largest network of branded retail stores, where he built the company’s first full financial systems. He also held a previous leadership role at Groupon where he developed transformative systems to ensure accuracy in accounting. David will work from Crafty’s Headquarters in Chicago.

SERVICES

LAW FIRM Marshall, Gerstein & Borun LLP, Chicago Daniel Gonzales Jr. joins Marshall, Gerstein & Borun LLP as an associate in the Intellectual Property Litigation practice, with a focus in life sciences. Daniel will handle litigation matters, including patent infringement with respect to biotechnology and pharmaceuticals.

ADVERTISING SECTION

To place your listing, visit www.chicagobusiness.com/companymoves or contact Debora Stein at 917.226.5470 / dstein@crain.com COMPANY MERGERS &LAUNCHES ACQUISITIONS

SHARE YOUR C O M PA N Y ’ S JOURNEY Mesirow Chicago, IL (312) 595-6000 mesirow.com Mesirow, an independent, employee-owned financial services firm, announced that Front Barnett Associates LLC, a leading high net worth and ultra-high net worth wealth manager and registered investment advisor (RIA) firm, will join Mesirow and will operate as a distinct platform within the broader Mesirow Wealth Management offering. The transaction is expected to close in late September, subject to customary closing conditions. There will be no change to the Front Barnett mission, investment process, and day-to-day operations which will continue to be led by Marshall B. Front, Mickey MacMillan and Peter Wahlstrom, CFA, CFP®. The team will go to market as Front Barnett, A Mesirow Company.

For more information, contact Debora Stein at dstein@crain.com or submit directly to

CHICAGOBUSINESS.COM/ COMPANYMOVES

10/25/23 8:49 AM

CHICAGO’S BEST

NEW PRIVATE DINING ROOMS Seeking to set up a bash for hundreds or an intimate business dinner for eight? Here are new spaces, plus a classic making a comeback, to help you plan | By Ari Bendersky As life continues to get back to normal and business meetings pick up steam, you’ll need gathering spaces that are not an office meeting room. Here are a dozen places, in alphabetical order and mostly downtown,

Private dining rooms at 312 Chicago; tagliatelle Bolognese and pan-seared chicken | PHOTOS BY 312 CHICAGO AND NICK ROBINS

where you can host an intimate business dinner or grand affair. Most are new restaurants, with one classic making a comeback.

Note that food and beverage minimums don’t include tax or tip. Prices and menu

items should be considered representative and are subject to change.

For more ideas, check our annual guide to the best new event spaces at ChicagoBusiness.com/eventspaces.

312 Chicago 136 N. LaSalle St. | 312-325-7100 | 312Chicago.com Private spaces can accommodate up to 100 people.

Decor: Recently reopened and renovated, 312 Chicago’s space is a perfect Loop location for a private affair. Whether you’re looking for an intimate event or something more grand, book either the 312 Tasting Room or the full mezzanine. Leather seats, dark woods and warm lighting help create an elegant yet cozy ambiance.

Cuisine: Northern Italian. For 25 years, 312 Chicago has drawn in diners for its authentic Italian fare. New chef Marcello Florio carries on with dishes such as classic Caesar salad with garlic crostini and white anchovies; fritto misto with calamari, shrimp, banana peppers and goat cheese; tagliatelle Bolognese with braised short rib ragu and rosemary-truffle ricotta; pan-seared bone-in chicken breast with garlic mash and broccoli rabe, and bistecca di manzo, a 10-ounce New York strip in a red wine rosemary reduction with sautéed spinach.

Cost: No minimum spend.

OCTOBER 30, 2023 | CRAIN’S CHICAGO BUSINESS | 13

CHICAGO’S BEST NEW PRIVATE DINING ROOMS

Asador Bastian Private dining area seats up to 10.

Decor: Ascend the stairs to the second floor of Flair House to find an open kitchen that looks like a high-end space in a beautiful Gold Coast mansion. The chef’s table, directly across from the kitchen, is set in a darker nook with deeply stained red oak wood, custom millwork and sconces emitting soft light. A piece by local artist Camilo Ramirez adds a pop of color.

Cuisine: Spanish Basque steakhouse. With the culinary team, you can custom-create a dinner based off the restaurant’s

current menu. That could include 20-day dry-aged Holstein or Galiciana beef or the fresh catch of the day (whole turbot, jumbo prawns). Starters might include caviar-topped bite-sized churros or tortilla Española with shaved black truffles or Cinco Jotas jamón Iberico. Add a medley of seasonal veg and bone marrow potato puree. Finish off with Basque cheesecake and mingle it all with selections from the restaurant’s nearly 100% Spanish wine list.

Cost: A deposit of $150 per person, which will be applied to the final bill, is required to secure the reservation.

PHOTOS BY NEIL BURGER

ASADOR BASTIAN

214 W. Erie St. | 312-800-8935 | AsadorBastian.com

Daisies 2375 N. Milwaukee Ave. | 773-697-9443 DaisiesChicago.com Private space can host up to 35 seated guests.

Decor: You’ll find yourself walking into a rustic, intimate space in the back of the restaurant, where staff members prepare pizza and pasta when it’s not being used for a private event. Here you’ll mingle among white brick walls, tiled flooring and a butcher-block bar while natural light flows in through tall windows.

Cuisine: Midwestern pasta. Chef Joe Frillman’s approach to pasta has been heralded, so expect lasagna layered with ricotta and Italian sausage; sweet pea and guanciale cannelloni; and seasonal ravioli like asparagus and anchovies. Veal osso buco, chicken piccata and grilled trout make up the entree options. Midwestern ingredients flow throughout. Pastry chef Leigh Omilinsky supplies sweet treats like butterscotch budino and olive oil cake. Wine package add-ons are also available.

Cost: Minimum spend is $2,500 for weekday parties and $4,000 for weekend gatherings.

14 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

n or

onal

DINEAMIC HOSPITALITY

o

Fioretta

PHOTOS BY NEIL BURGER

318 N. Sangamon St. 312-897-5011 FiorettaSteak.com Various private spaces can accommodate up to 100.

Decor: Think 1950s glam steakhouse with plush, high-backed booths, crushed velvet drapes, dark-wood paneling, diamond tiling and herringbone wood floors. The fully private Velvet Room, seating up to 32, has curtains to fully enclose the space, while the semi-private chef’s table hosts up to nine who can peer directly into the kitchen. The sunken Salon Nook offers intimacy while not being fully removed from the main bar.

Cuisine: Italian steakhouse. Fioretta’s menu highlights all-natural Linz Heritage Black Angus beef grilled over white oak in the kitchen’s custom hearth. Starters include caprese skewers, zeppole (Italian donuts) topped with caviar and chilled king crab bites. Serving stations can offer cacio e pepe, beef tenderloin with horseradish or wood-grilled ahi tuna with salsa verde.

Cost: Minimum pricing varies by day, time and the space requested.

SHOWCASE INDUSTRY LEADERS AND THEIR CAREERS RECOGNIZE TOP ACHIEVERS IN CHICAGO’S PREMIER PUBLICATION New Hires / Promotions / Board Appointments Retirements / Special Acknowledgements

SUBMIT AN EVENT!

With its striking design elements and vintage charm, the Brass Tack’s private dining rooms surround guests with elegance, sophistication, and privacy.

The luxury private dining spaces overlook the lively Gold Coast streetscapes from the third floor of the Waldorf Astoria. Our Walton Room and Gallery Salon offer opportunities for intimate dinners, refined receptions, and unforgettable celebrations.

Debora Stein / dstein@crain.com ChicagoBusiness.com/POTM

Waldorf Astoria Chicago 11 East Walton Street, Chicago, IL 60611 BrassTack.events@waldorfastoria.com 312.646.1318

OCTOBER 30, 2023 | CRAIN’S CHICAGO BUSINESS | 15

KENDALL MCCAUGHERTY

CHICAGO’S BEST NEW PRIVATE DINING ROOMS

Guinness Open Gate Brewery

DAIJA GUY

901 W. Kinzie St. | 312-989-0599 | GuinnessBreweryChicago.com Private space can accommodate up to 108 people.

Decor: Housed in a former rail depot, this iconic Irish brewery is planting roots in Chicago. With its high ceilings, an open view into the production room, casual seating and more, it all feels very welcoming. The Barrel Room, available for private breakfast, lunch, dinner and other events, sits on the west side of the 15,000-square-foot building and is anchored by an undulating bottle art installation with garage doors opening onto the patio.

Cuisine: Elevated pub grub. While we’re clearly not in the Irish countryside, the food here helps you feel like you’ve stepped into a local pub. From fish and chips and a corned beef board to Guinness-braised pot pie and bangers and mash, it’s all here.

There’s elevated international fare, as well, such as steak frites, duck udon and Caribbean shrimp fried rice. There’s also slow-simmered Slagel Family Farms’ beef Guinness stew with parsnips, carrots, mashed potatoes and, of course, brown bread.

Cost: $10,000 minimum spend for the full Barrel Room, $5,000 for half.

Itoko 3325 N. Southport Ave. | 773-819-7672 | ItokoChicago.com Private room can accommodate up to 32 (seated) or 36 (reception).

Decor: The Kinjo Room — also known as the Neighborhood Room, due to the many windows looking out onto the Southport Corridor and Lakeview neighborhood — sits above the main dining room on the restaurant’s second floor. The minimalist-designed and natural light-filled room exudes warmth through the use of light woods, slatted dividers, small globe pendants, exposed wood-beamed ceiling and a light-tile wall with a fireplace. Semiprivate tables, called Gyaza Tables, are also available within the Kinjo Room for smaller parties of nine to 14 people.

Cuisine: Chef Gene Kato has created coursed set menus, priced at $90, $125 and $165 per person. Each includes a starter; a sushi course (featuring plates that hit the table such as bluefin tuna with apple, soy, ginger and puffed wheat; a selection of sashimi; shrimp tempura; and momomaki, big-eye tuna with spicy octopus and pickled daikon radish); various main-course items (like teriyaki-marinated salmon; chicken thigh with scallion and shiso; or Wagyu strip with grilled market vegetables); and dessert, including mini soy milk panna cotta and chocolate-filled doughnuts.

Cost: Private events start at $2,000.

16 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

Kindling 202 S. Franklin St. | 312-789-5992 | KindlingChicago.com Private spaces can seat from eight (fully private) to 150 (semiprivate).

Decor: The Birch, a fully private boardroom setting enclosed by walls of birch wood with a single light-wood table and rust-colored seats, is perfect for parties up to 10 people.

Kindling offers a number of semiprivate spaces, including the Hearth, which is set in front of the open-hearth cooking area; the Jackson Park-Games, with floor-to-ceiling windows, two foosball tables and two shuffleboard tables, and the Grant Park, offering cozier seating and windows looking out into the Loop.

Cuisine: Wood-fired new American. It doesn’t get more dramatic than dining at the base of Willis Tower — until you have James Beard Award-winning chef Jonathon Sawyer’s hearth-driven food. Crispy Brussels sprouts in a Thai chili sauce; confit chicken wings with charred jalapeno and garlic; woodfired seafood salad with mussels, shrimp, scallops and trout covered in a Louis dressing; lobster and spaghetti in a cognac cream sauce; brine- and herb-marinated Amish rotisserie chicken; raw bar, steak and chops, and . . . well, you get it.

Cost: Minimum spend starts at $500 for lunch and $1,000 for dinner.

Miru

Nisos Prime

LINDSAY EBERLY

NISOS PRIME

802 W. Randolph St. | 312-800-8582 | NisosPrime.com Private space can accommodate up to 60 people.

Decor: The 2,000-square-foot fully private lounge — hidden behind a bookshelf — offers a breezy, airy Mediterranean-like atmosphere accompanied by natural tones, gray and azure fabrics and flowy tapestries on the walls. Nisos also has the Grotto, a semiprivate nook off the main dining room, with a five-seat captain’s booth or space for a total of 14.

Cuisine: Mediterranean steakhouse. As it pulls from that vast region, you can bet the menu from veteran chef Rick Tramonto will feature wood-grilled meats and seafood: steak frites, braised lamb shank, spice-crusted salmon and branzino. But you’ll also find eggplant parm with truffle ricotta, various pastas like paccheri lamb ragu and rigatoni alla vodka, raw bar items, grilled octopus — even chilled lobster rolls.

Cost: Minimum spend on weekdays is $3,000; on weekends, $5,000.

The Oakville Grill & Cellar

uce; -

KINDLING

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for

ALLISON GALLESE.

401 E. Wacker Drive | 312-725-7811 | MiruRestaurant.com Private spaces can accommodate from 10 to 300.

Decor: Floor-to-ceiling windows in the intimate 10-seat Shinpaku Room offer sweeping views of Lake Michigan, Navy Pier and the Chicago skyline. Cozy couches, plush seating and plants add warm accents. The Sake Room, a semiprivate space tucked away in the corner of the main dining room, can accommodate up to 35 people.

Cuisine: Japanese. Plan on shared menus for lunch or dinner, $59 and $120 a person, respectively. They include selections such as tempura rock shrimp; king salmon with peanut herb sauce; wild mushroom sizzling rice; hamachi wasabi maki; smoked pork belly skewer; spicy bluefin tuna crispy rice; white miso black cod; duck yakisoba with egg noodles, and A5 Wagyu beef tartare. Sushi bar selections can be added, and reception-style menus are also an option.

Cost: Varies based on party size and space.

163 N. Green St. | 773-309-2300 | TheOakville.com Second-floor private room or patio can both accommodate up to 75.

Decor: The Estate Room and Four Seasons Estate Terrace connect via a full-service indoor/outdoor bar with sliding doors to open up the full space. It all comes together through California-style decor with natural tones, bountiful plant life, a collection of modern art pieces and full view of the restaurant’s impressive wine wall.

Cuisine: Casual California. Ingredients sourced from both the Midwest and throughout California include an all-Golden State wine list. Parties can have passed apps like shrimp cocktail and mini tuna tostadas along with small bites and pizza tables. Or opt for three- or four-course shared menus with a range of items including burrata, seasonal pizzas, shredded Brussels sprouts salad, barbecue-glazed Faroe Islands salmon, prime-steak frites, and mushroom and eggplant ragu.

Cost: Varies based on party size and space.

OCTOBER 30, 2023 | CRAIN’S CHICAGO BUSINESS | 17

CHICAGO’S BEST NEW PRIVATE DINING ROOMS

Ummo chef at Gibsons Italia, has traveled extensively throughout Italy. That shows in the menu, which Sosa will customize based on the needs of the group. Sample items include Sicilian arancini with porcini mushrooms; garganelli pasta with braised pork belly ragu and fresh ricotta; wood-fired Italian meatballs, and gnocco fritto with pistachio mortadella and honey ricotta.

Cost: Minimums vary based on the requested area, size of the group and dates but average out to about $100 per person.

GEORGE LAMBROS

Private room seats up to 20, with an adjacent full atrium able to host up to 150.

Decor: In the restaurant designed by Karen Herold of Studio K, the upstairs private dining room offers an intimate space with ambient lighting and design touches such as a curated selection of books and sculptures. Steps away sits a room with vaulted ceiling skylights that send light flowing down onto a pool table and a modern art-filled wall that also has a fireplace.

Cuisine: Italian. Chef/partner Jose Sosa, formerly executive

NEIL BURGER PHOTOGRAPHY

22 W. Hubbard St. | 312-374-8736| UmmoChicago.com

530 N. Wabash Ave. | 312-999-9760 | RunChickenRun.com Private spaces seat from eight up to 22.

Decor: For a fully private, incredibly unique experience, book the Bourbon Room, which floats above the first-floor bar in a black metal and glass box. Able to accommodate up to eight people, the space is lined with bottles of bourbon set below a dramatic chandelier and against a backdrop that looks out into the restaurant. The Mezzanine, which seats up to 22, is separated by a glass wall and features one large booth accented

by Yardbird’s signature designed pendant lights.

Cuisine: Southern comfort. You’ll come for the fried chicken and buttermilk biscuits and the array of Old Fashioned cocktails, then stay for everything else: deviled eggs, fried green tomato BLT, lobster mac and cheese, chicken and waffles, sweet tea-braised short ribs and more.

Cost: Food and beverage minimums start at $650 for lunch, $750 for brunch and $1,000 for dinner. The Bourbon Room requires a minimum spend of $2,500.

18 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

YARDBIRD

Yardbird

Chicago opens up another multimillion-dollar contract to supply meals for asylum-seekers The city is targeting a price of $13 to $17 per shelter resident per day, with about 15,000 migrants currently in shelters or temporary sites Chicago’s migrant crisis has turned on the public-funding spigot for contractors, but the city hopes its latest multimillion-dollar solicitation will open up opportunities for smaller, local businesses.

A new request for proposal, or RFP, comes as city officials face scrutiny from City Council members over a $29 million contract awarded to security firm GardaWorld to build encampments that would house migrants and a nearly $60 million contract to Favorite Healthcare Staffing to staff the city’s shelters. Both contractors are based outside of Illinois.

The new contract from Chicago’s Department of Family & Support Services, or DFSS, would cover meal services for migrants across the city’s shelters, including Chicago Park District facilities, decommissioned schools, hotels and temporary sites such as police stations. The contract would also cover any additional locations that the city sets up in the future.

The latest RFP doesn’t list an award amount, but DFSS has targeted a price of $13 to $17 per shelter resident per day. As of Oct. 24, the city’s 24 shelters housed 11,753 residents and 3,129 were waiting at police stations and at O’Hare International Airport, according to the city’s Office of Emergency Management & Communications.

The contract lays out two coverage areas, north and south, divid-

ed by Lake Street. Organizations can apply to one or both of those regions. In an effort to boost participation from smaller, community-based organizations, the solicitation encourages the winners to subcontract meals. That agreement will run for a year starting in December, though DFSS could extend the terms based on need, funding and the contractor’s performance, Julie Gilling, director of policy and advocacy at DFSS, said in an email to Crain’s.

“The city will negotiate this contract based on quality of the proposed program and capacity, not just price,” she added.

BLOOMBERG

By Leigh Giangreco

Falling short Open Kitchens, a local, family owned business that has contracted with Chicago Public Schools, the Chicago Police Department and the city to deliver meals, has emerged as one of the major winners of contract awards for meal services at migrant shelters so far.

Its latest contract with DFSS is based on services rendered, but the company could receive a maximum compensation of $19.8 million. That agreement covers meals for new arrivals at city shelters, not police stations, from March 1, 2023, to Dec. 31, 2024. Open Kitchens currently serves six of the city’s 24 shelters, including the Young Women’s Leadership Academy, High Ridge YMCA, Inn of Chicago, Wadsworth, Social Club and North Park Village, along with O’Hare.

But while public money continues flowing, volunteers delivering food to migrants argue that Open Kitchens and other contractors are falling short when it comes to providing adequate meals. Annie Gomberg, a volunteer with the Police Station Response Team, said she has heard reports of food that arrives spoiled, maggot-infested or nutritionally deficient at nearly every shelter in the city. Gomberg hasn’t seen that food herself, since volunteers are only allowed inside police stations and not city shelters, but she and other volunteers have received texts from shelter residents detailing those issues.

“The bread has white mold, the cheese has mold, the milk is spoiled, there’s meat with worms

in it,” another volunteer in Washington Park told Crain’s about reports across various shelters.

Gomberg also raised concerns to DFSS about a lack of meals that accommodate dietary restrictions.

“People with diabetes can’t only eat pasta twice a day forever,” she said. “So that is something that has to be resolved.”

Concerns Anthony Fiore, vice president at Open Kitchens, told Crain’s that his company meets with DFSS staffers each week and has not had any reports of bad food. DFSS confirmed the department meets with Open Kitchens to discuss concerns and ensure adjustments are made.

“We’re a state-of-the-art facili-

ty,” Fiore said. “Nothing in our facility is old.”

During a Sept. 29 Immigrant & Refugee Rights Committee hearing, Ald. Jeanette Taylor, 20th, brought up concerns from her constituents about Open Kitchens.

“So Open Kitchens, that’s precisely why we have a meal services request for proposal that’s coming out next week, because we’ve heard feedback,” Johnson’s Deputy Chief of Staff, Cristina Pacione-Zayas, told Taylor. “We also know that there’s been a lot of challenges. We opened it up so we can make sure, again, Chicago businesses, caterers (and) restaurants can all compete in this process.”

Over $280M in county residents’ medical debt abolished Debt for about 158,000 people has been canceled in the latest round of forgiveness under a new Cook County program

By Katherine Davis

More than $280 million in medical debt has now been canceled for about 158,000 Cook County residents as part of a program the county is operating to alleviate the financial burden of debt related to doctors’ visits, surgeries and other medical care.

In the latest round of debt forgiveness, more than 85,000 patients at University of Chicago Medicine facilities had nearly $174 million of debt abolished, Cook County Board President Toni Preckwinkle’s office announced last week. On average, each patient saw about $2,000 of debt forgiven, and over 75% of them came from households reporting annual incomes below $51,000.

“The benefit of debt forgiveness goes far beyond financial relief,” Tom Jackiewicz, president of the UChicago Health System, said in a

statement. “We want to give patients peace of mind to ensure they don’t delay seeking the important medical care they need to stay healthy. This removes an important psychological barrier, which in turn extends our organization’s ongoing health equity work and patient care mission.”

The UChicago debt is just the latest batch of Cook County resident medical debt to be forgiven.

The county previously announced in May that nearly $80 million would be forgiven for about 73,000 Cook County residents, a group that included patients at Sinai Chicago, the city’s largest safety-net health system.

The program, which launched in 2022, is paid for by a $12 million American Rescue Plan Act grant, and debt is being forgiven through a partnership with national nonprofit RIP Medical Debt.

“Thanks to a collaboration with the University of Chicago Medi-

cine, this latest round of abolishment will have the largest impact to date,” Preckwinkle said in a statement.

To identify residents with medical debt, RIP Medical Debt contacts Cook County hospitals and health systems and negotiates with them to buy patient medical debt that it later eliminates.

Qualifications To qualify for debt relief, residents must live in Cook County and have incomes up to 400% of the current federal poverty guidelines or have medical debt that is 5% or more of their annual income.

Medical debt abolishment cannot be requested by individuals.

Instead, debt forgiveness is provided only to those identified in records RIP Medical Debt acquires from local health care providers.

Any provider in Cook County can participate in the program.

If chosen, recipients are notified by mail that their debt has been forgiven and negative marks on their credit reports are removed.

So far, South and West Side neighborhoods are among those with the highest amount of medical debt erased. Residents in ZIP code 60629, home to the Chicago Lawn neighborhood, had $16.6 million erased. Meanwhile, ZIP codes 60632 (Brighton Park), 60617 (South Chicago) and 60623 (Lawndale) all had over $7 million erased.

Medical debt can be difficult to track because patients often hold debt in several forms, either through unpaid bills, private loans and even credit cards. But a report published last year by the Consumer Financial Protection Bureau showed that there’s $88 billion of medical debt on the credit records of 43 million Americans. Illinois residents owed

about $2.5 billion of that, the ninth highest in the nation, behind states such as Texas, California and Florida.

Medical debt is often incurred by uninsured or underinsured patients, a population of residents that could grow as hundreds of thousands Illinoisans lose Medicaid coverage this year and are forced to find alternative forms of health insurance.

The Medicaid purge stems from the resumption of a nationwide eligibility process, commonly referred to as “redeterminations.”

Illinois residents were first put up for redetermination in June. Those who no longer qualify for the program or failed to return required paperwork began losing coverage in August.

As of October, more than 204,800 Illinoisans have lost Medicaid, according to data from the Illinois Department of Healthcare & Family Services.

OCTOBER 30, 2023 | CRAIN’S CHICAGO BUSINESS | 19

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density can be a liability. . . .We’ll figure it out over time,” he said. “I still think cities are going to be essential.

“People are still going to want the arts, proximity to good schools, safety, etc. The basics still matter.

You know the five Ps: public schools, public parks, public libraries, public transportation and public safety still matter. You’ve got to figure out those things that allow cities to flourish. I don’t see cities becoming less essential as an economic engine.”

Emanuel, who was tireless as a salesman for Chicago as a place to do business, says the city will have to do what it’s always done — play to

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the northern portion of the site, which gained notoriety over the past 15 years as a massive hole in the ground left behind from a failed plan for the 150-story Chicago Spire, which would have been the western hemisphere’s tallest tower.

The imminent groundbreaking suggests Related Midwest is close to securing financing for the first phase of its project, a monumental feat while higher interest rates and banks tightening up lending make it difficult for developers to jumpstart any commercial project, let alone one of such massive scale.

Related Midwest executives did not confirm financing details during the meeting with the Streeterville Organization of Active Residents, but said they expect the tower to be completed by the third quarter of 2027.

Related Midwest also said during the meeting that it has committed $10 million in funding for DuSable Park across Lake Shore Drive from the site, which it aims to finish with the completion of the first tower. A second, shorter tower with 465 units along the southern portion of the Spire site would be part of a second phase of the project, though the developer told SOAR members that timing of that building would be subject to market conditions.

Promising backdrop Related Midwest’s pending step forward on the project comes more than five years after it unveiled plans for a $1 billion,

its strengths while summoning its grit — to maintain its standing as one of the nation’s essential business centers.

“You still have major universities here, major national labs here, major universities within a 200mile radius, and incredibly diverse cultural attractions and diversity of population,” he said.

“So it’s still essential. But it’s pretty clear to those of us who love this city and call it home that you can’t rest on your laurels,” Emanuel added.

“New York, because it’s a media center and a financial center, can mess around, but it’s got institutional strengths,” he explained. “L.A., because of Hollywood and (the) entertainment industry, can mess around and make a mistake, but has

strength. D.C. has political power.

Boston has life sciences, Harvard.

“Our history is that we scrape and scrap, and we fight our way to the top echelon,” Emanuel continued. “If you’re not fighting your way there, you’re falling.”

The city can’t take its place for granted.

“To me, yes, Chicago’s essential, but it’s not a lock,” he said. “I’m not saying New York is a lock. But if New York went to sleep, in four years, it’s still a financial center.

“We have to scrap, which is why we have such great character in this city. It’s a world-class city with world-class potential, but it’s not a guarantee. You’ve got to scrape and scrap your way to the top, which is what makes us distinct.”

two-tower project on the site that included a hotel and condominiums, in addition to apartments.

The developer eventually tweaked its vision to make it all residential and shared its proposal with Streeterville residents just days before the COVID-19 pandemic began, saying at the time that it aimed to break ground in 2021. The City Council approved the planned development in June 2020.

While the project may now be starting two years later than Related Midwest planned, the developer is forging ahead against a promising backdrop for apartment owners in the city. Downtown apartment rents have never been higher, and a dramatic slowdown in new apartment construction over the past year means a big slowdown in new supply is on the horizon. That could translate to even more pricing power for landlords in a couple of years.

“Related Midwest looks forward to bringing to life the iconic sister towers at 400 Lake Shore Drive as well as the 3.3 acre DuSable Park for all of Chicago to enjoy,” Related Midwest President Curt Bailey said in a statement. “Positioned on the last waterfront site where Lake Michigan meets the Chicago River, the development of this site will strengthen the city’s connection to the river and Lake Michigan through the creation of beautiful public spaces and spectacular residences that will be a great new addition to the Streeterville neighborhood.”

The developer said during the SOAR meeting that it has hired LR Contracting and Bowa Construction as general contractors for the 400 N. Lake Shore Drive project.

Related Midwest used the same team for the recent development of the 43-story Row Fulton Market, the tallest building in the trendy former meatpacking district.

The first tower in the Lake Shore Drive project is slated to include 127 affordable units to comply with the city’s ordinance governing affordable housing in new apartment developments.

Related Midwest has plenty of experience with luxury apartment projects downtown, including in Streeterville, where it developed the 70-story One Bennett Park high-rise just a few blocks from the Spire site.

Seized site in 2014 The proposed 400 N. Lake Shore Drive buildings were designed by the Chicago office of Skidmore, Owings & Merrill along with architect David Childs. The buildings would feature multiple terraced setbacks creating a tapered effect as they rise, akin to a waterfall.

Related Midwest seized the Chicago Spire site in bankruptcy court in 2014, inheriting the 76-footdeep foundation of the unbuilt Spire. It’s unclear how much of the foundation work can or will be used in the new development.

Developer Garrett Kelleher began work in 2007 on the Spire project, which would have featured a twisting design and included almost 1,194 condominiums. After pre-selling a number of units, Kelleher’s financing dried up with the financial crisis in 2008, and the project was halted. The Kelleher venture was hit with a foreclosure lawsuit in 2010, and the property wound up in bankruptcy court in 2013.

FORD Omron sued over blood pressure monitors From Page 1

Lawsuit claims a device made by the Hoffman Estates-based company fails to work as promised

By Jon Asplund

A federal lawsuit seeking class-action status claims an overthe-counter blood pressure monitor made by Hoffman Estatesbased Omron Healthcare doesn’t work as promised.

The suit, filed Oct. 25 on behalf of four named plaintiffs, says the company perpetrated fraud “on thousands of purchasers of the Omron Platinum Upper Arm Blood Pressure Monitor model BP5450.”

Omron markets the monitor as an in-home device that can give consistently accurate blood pressure readings for all users, the lawsuit says. However, it says the measures are wildly inaccurate, with readings taken 10 minutes apart being more than 10 mmHg (millimeters of mercury, the standard reading unit) apart.

Omron Healthcare did not return a request for a response.

On its website, the company states that “all Omron blood pressure monitors are clinically proven accurate. They are clinically validated to be within the following: Blood pressure: within 3 mgHg or 2%. Pulse: within 5% of reading.”

Omron states that this meets or exceeds standards set by the Association of Medical Instrumentation.

The lawsuit cites an Omroncommissioned Northwestern University study published in January that assessed the Omron product in the lawsuit, model BP5450, along with another Omron monitor and blood pressure monitors sold by Walmart, Walgreens and CVS. The lawsuit claims that “the products produce particularly inaccurate readings for users with a larger arm circumference, which defendant knew because it commissioned the study.”

The lawsuit also provides more than 20 user reviews questioning the accuracy of the monitor readings and says there are more than 100 such reviews.

The lawsuit says the Omron product’s “defective nature is also a breach of express and implied warranty, saying the user manual warrants that the device is accurate within a range of 3 mmHg.” The lawsuit seeks a halt to the sales and marketing of the Omron product and unspecified economic damages sustained by class members.

22 | CRAIN’S CHICAGO BUSINESS | OCTOBER 30, 2023

the automaker withdrew its fullyear guidance as it waits for Ford’s 57,000 UAW members to vote on the agreement.

The UAW said the pact, which must be approved by union leadership and ratified by a majority of members at Ford, includes larger wage increases over the next 4½ years than members have received in the past 22 years combined.

Workers will receive a cumulative 25% wage increase, including 11% upon ratification.

With the return of a cost-of-living adjustment, the overall increase is expected to equal 33%, the union said.

The deal also reduces the time for new hires to reach top wages to three years from eight, improves pension and 401(k) plans, and grants the right to strike over plant closures, which the union says is a first. UAW officials said temporary workers, who start at about $16 per hour, will see a 150% increase by the end of the deal, and workers at two Ford plants who receive lower wages will see raises of 85% as they are brought on the same pay scale as other assembly employees.

“The UAW tentative agreement with Ford will indeed be lucrative for many UAW members, particularly those in temporary positions or currently in progression toward the top pay bracket,” Patrick Anderson, CEO of the Anderson Economic Group, said in a statement.

“It represents a stunning victory for UAW President Shawn Fain, who successfully pressured some of the world’s largest companies to give them immediate wage increases, cost-of-living allowances, and work rule concessions that will be the envy of workers in other industries.”

Bank of America analyst John

HOTELS From Page 3

Quadrum’s equity stake in the Godfrey likely gave it an extra reason to provide the new loan, the hotel’s performance makes a good case, too.

Net cash flow at the Godfrey last year totaled almost $6.3 million, well above the owners’ $3.6 million in debt service for the year and the $5.3 million in net cash flow the property generated in 2019, according to Bloomberg loan data. The numbers are even better than the overall downtown hotel performance figures, where average revenue per available room through the first nine months of 2023 was up slightly from the same period in 2019, according to data from real estate information company CoStar Group.

It’s not clear how Oxford and Quadrum pegged the value of the Godfrey today as they refinanced the property. But the

UAW chief Shawn Fain I BLOOMBERG

Murphy, in a research note Oct. 26, said the contract will increase labor costs and potentially spur investment in lower-cost countries. He expects GM and Stellantis to match much of what Ford agreed to.

“In our view, the companies will be more likely to build future plants and facilities outside of the U.S.,” Murphy wrote.

‘Turning the tide’ UAW President Shawn Fain, in announcing the tentative deal Oct. 25, said it has more than four times the gains obtained in the 2019 contracts.

Since the strike started Sept. 15, Ford increased the value of its offer by 50%, he said.

“This agreement sets us on a new path to make things right at Ford, at the Big 3, and across the auto industry,” Fain said. “Together, we are turning the tide size of the loan, using a typical loan-to-value ratio, suggests the Godfrey has recovered most, if not all, of the value it lost during the pandemic.

Oxford CEO John Rutledge declined to comment, and a spokesman for Quadrum did not respond to a request for comment.

Oxford and Quadrum completed development of the Godfrey in 2014. The property’s original developer began construction before the Great Recession on what was meant to be a Staybridge Suites extended stay hotel, but the project stalled with the economic crash and the developer was ultimately hit with a foreclosure lawsuit. Oxford bought the defaulted construction loan and seized the property in 2012, redesigning and rebranding it as the Godfrey.

Oxford has since expanded the Godfrey brand — a name derived from an ancient Germanic greeting once used to welcome weary travelers — to

for the working class in this country.”

Fain said the union would call local leaders to Detroit over the weekend to approve the deal, which will then go to members for ratification.

The strike, which has lasted longer than the UAW’s 2019 work stoppage against General Motors, had hit Ford the hardest of the Detroit 3.

Roughly 16,600 UAW members were on strike at Ford, more than at GM and Stellantis. And Ford was forced to lay off more workers than the other automakers.

At press time on Oct. 27, talks were continuing between the union and GM and Stellantis, with about 14,400 workers picketing at each company.

GM said Oct. 24 that the strike had cost it $800 million so far.

Ford on Oct. 3 offered the UAW raises totaling 23%, with

workers getting a double-digit increase upon ratification and annual increases through 2027.

About a week later, the union ordered 8,700 workers at Ford’s Kentucky Truck Plant, the company’s most profitable assembly operation, to walk off the job.

Ford Chief Operating Officer Kumar Galhotra told reporters in subsequent days that the company had “reached our limit” on what it could offer the union without compromising its ability to remain competitive.

Bargaining between Ford and the union intensified Oct. 24.

Ford agreed to match the union’s demand for a 25% raise, so negotiators spent much of the next day hammering out final details before announcing the news that evening.

Michael Martinez writes for Crain’s sister publication Automotive News.

The Godfrey Hotel Chicago I COSTAR

hotels in Boston, Los Angeles, Detroit and Tampa, with others planned for San Francisco, Scottsdale, Denver and Nashville, according to the company.

Oxford is one of Chicago’s most prominent hotel developers. Among other projects, the firm turned a historic for-

mer office building at 360 N. Michigan Ave. into the LondonHouse hotel, which it sold in 2016 for what was then a record-high price per room. Oxford also converted a vacant 12-story building at 168 N. Michigan Ave. into a 16-story hotel, which was recently rebranded as the Arlo Chicago.

A bit of England in Evanston

ChicagoBusiness.com President and CEO KC Crain Group publisher Jim Kirk, (312) 397-5503 or jkirk@crain.com

Originally designed by a British-born architect, the home was owned for the past half-century by professed Anglophiles who surrounded it with English gardens I By Dennis Rodkin components of the house.

In his 2011 obituary in the Chicago Tribune, Jack Wing, a brokerage executive who first led A.G. Becker & Co. and later the Chicago Corp. and ABN AMRO, was described by a colleague as “one of the real godfathers of the modern options business, not only in Chicago but throughout the U.S.” Joan Wing, an attorney, died in 2022.

The Wings’ heirs have had the property on an agents-only market but put it on the open multiplelisting service Oct. 19. A nine-bedroom, roughly 7,890-square-foot house with a separate coach house on a little over an acre, it’s priced at $3.1 million and represented by Nicholas Frankel of @properties Christie’s International Real Estate.

“It’s a very stately house,” says Montgomery, who was already grown up when the Wings bought the house. The couple entertained often, he says, and “people were always impressed by the style of the house.”

SENIOR REPORTERS Ally Marotti, John Pletz, Dennis Rodkin REPORTERS Katherine Davis, Brandon Dupré, Danny Ecker, Leigh Giangreco, Jack Grieve, Corli Jay, Justin Laurence, Steven R. Strahler POSITIVE IMAGE PHOTOGRAPHY PHOTOS

“M

y mother was a bit of an Anglophile,” Willy Montgomery says of his late mother, Joan Wing, who designed English gardens to complement the distinctly British look of her Evanston home — brick and limestone on the outside, with carved stone accents and other ideas on the inside that hail from the other side of the pond.

Built in 1904 in Crain Street, the house was designed by Ernest Mayo, who came by the English look naturally, as he was born there and began his practice in architecture there before coming to Chicago to work on the World’s Columbian Exposition of 1893.

Joan and Jack Wing bought the house in 1977 and, over the years, not only dialed up its Englishness but added a big, sunny informal living space to supplement its main-floor formal rooms; replaced an antiquated steel swimming pool with a modern one; and updated utilities, baths and other

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