• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Could a political corruption scandal derail Related’s megaproject in Chicago?

Alderman Danny Solis and Alex Acevedo with The 78 (Credit: Facebook)

A candidate vying to replace Alderman Danny Solis said the city should tap the brakes on Related Midwest’s $7 billion megaproject following an ongoing federal corruption probe.

Alex Acevedo called for the city inspector general to look into any role Solis may have had in fast-tracking The 78 project in the South Loop, which could bring up to 10,000 new homes. Acevedo made the request while acknowledging he was not aware of any impropriety by Related or Solis regarding The 78, according to the Chicago Sun-Times.

The Chicago Plan Commission gave the massive project a key initial approval in November, and on Tuesday, it was set to go before the Community Development Commission. That agency was also set to consider a tax increment financing district for the area around the the development, which could generate some $700 million for infrastructure improvements.

The 78 site sits within Solis’ 25th ward, and as chairman of the City Council’s Zoning Committee he backed the ambitious development. Solis resigned from the chairman’s post last week amid growing controversy over the corruption investigation in City Hall.

Documents show Solis was under federal investigation since 2014, and that he wore a wire to record colleague Alderman Ed Burke (14th), who’s now facing attempted extortion charges. [Chicago Sun-Times] — John O’Brien

Powered by WPeMatico

  • 04 February 2019
  • The Real Deal
  • Uncategorized
  •  Like
Here are the latest under 50-unit resi projects proposed in LA →← Former attorney allegedly bilked elderly people’s LA properties for years
  • Recent Posts

    • Hankey finances bargain-bin hotel buy near SF’s Union Square July 3, 2025
    • Industry group flails as CEQA adjustments hit California builders unevenly July 3, 2025
    • Orange County office tower sells for discounted $19M July 3, 2025
    • City to deploy $425M of “mansion tax” money in record spending plan July 3, 2025
    • SoCal resi market sees wave of deal cancellations continue July 2, 2025
  • Recent Comments

    • Archives

      • July 2025
      • June 2025
      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM