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CAA Legislative Update
47 Chicago Alderman pass Resolution on NFPA 101
Chicago Alderman passed a resolution calling for hearings and testimony by the State Fire Marshall on newly mandated state fire regulations. The Resolution refers to the "enormous financial impact" on owners and residents should sprinkler retrofit be required. The Resolution further states that the OSFM "appears" to be overreaching its rule making authority. The joint committee meeting and public hearing date is not set yet. CAA will keep our members informed on this important issue.
Chicago Chamber scores victory to block Cook County Use Tax
Judge Robert Lopez Cepero agreed to the Chamber's request to issue a preliminary injunction of Cook County Use Tax on non-titled purchases.
The Chamber filed suit against the county to block the tax on the grounds that it violated the Illinois Constitution and state statue. This is consistent with the Chamber's position prior to passage by Cook County Board. The Chamber's suit requests that the County reimburse tax payers that have previously paid the tax prior to the recent injunction.
Chicago Energy Benchmarking "deferred and published"
Aldermen Reilly and Cappleman exercised their aldermanic right to "defer and publish" the proposed Energy Benchmarking Ordinance after passage by the Zoning Committee. In these instances the text of the ordinance is published in the Council Journal of Proceedings and final consideration for passage of the legislation is postponed. The ordinance can not come up again until the next City Council Meeting in September.
Save the date — Preview 2014, an apartment industry forecast breakfast
Oct. 11 at the Union League Club Chicago
For more than 15 years the Chicagoland Apartment Association has annually hosted our Preview Breakfast, a forecast of the apartment industry, to provide owners and managers with valuable information on market trends for the upcoming year. While many have copied our format none have duplicated it.
Our owner's panel is Metro Chicago rental market representative, including city and suburban owners as well as the independent and affordable rental housing owner perspective.
Nationally recognized economist James Glassman, JP Morgan Chase, will make economic market trends understandable to the rental housing market attendees.
Our good friends from Appraisal Research, Ron DeVries and Gail Lissner, will share the most up-to-date analysis of transactions, planned developments and rent trends in both the city and suburbs.
CAA President, Greg Lozinak will give a brief update on legislative trends and CAA actions on behalf of the industry to protect private property rights and minimize the economic impact on our industry.
CAA is the Recognized Leader for Advocacy and Resources to the multifamily industry.
Business Exchange seeks property management executives
Time is running out to register for the CAA's second annual reverse trade show. Registration is still open to member and nonmember decision makers (executives) from property management companies. Email Lisa to secure your spot today.
Welcome new members!
Apartment All Stars — register now!
For the first time in several years, this unique blend of national speakers returns to Chicago for an innovative and motivating leasing seminar to help you get ahead of leasing trends to compete in today's rental market. Join us Sept. 25 at U.S. Cellular Field Conference Center (free parking) and stay in the game!
Economy: Decrease in starts curbs US housing rebound
The residential real-estate rebound suffered a setback in June as housing starts unexpectedly fell to the lowest level in almost a year, curbing how much construction contributed to U.S. economic growth last quarter. Work began on 836,000 houses at an annualized rate, the least since August and down 9.9 percent from a revised 928,000 pace in May, figures from the Commerce Department showed in Washington. The drop was led by a 26.2 percent plunge in multifamily projects, which are more volatile than work on single-family homes.
A Climate Action Plan for affordable multifamily housing
Center for American Progress
President Barack Obama's Climate Action Plan, announced at Georgetown University in June, outlined an ambitious agenda to address the increasing dangers of climate change. Although the proposed regulatory standards on existing and new power plants have taken center stage in public discussion, the president's agenda also included several noteworthy proposals to support the important aim of increasing access to energy efficiency and clean energy technologies in affordable multifamily housing.
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Facebook Graph search for small businesses
By Mayur Kisani
In January, Facebook started rolling out a highly anticipated beta version of a new search feature, Graph Search. It was initially thought to be Facebook's answer to traditional search engines like Google, but has turned out to be a much more specific and better search functionality within Facebook. Graph Search enables users to search for anything specific — what their friends like, which restaurants they have been to in a location — or something more personal like their photos from a specified time. So how can small businesses benefit from Graph Search?
Resort lifestyle at 500 Lake Shore Drive
A Lake Shore Drive address has a certain cachet in Chicago, and the new 500 Lake Shore Drive apartment tower aims to live up to that reputation.
The doorman wears white gloves. The spacious, two-story glass, wood and stone lobby soars in the manner of an upscale hotel, unlike some peers with more perfunctory entrances. The impressive array of amenities and services includes on-site pet care. "Everything in this building is meant to make a renter's life easier," said Curt Bailey, president of Related Midwest, developer of the property.
This apartment sale will test the market's strength
Crain's Chicago Business
Real estate investors soon will have a chance to buy a piece of Chicago's biggest property in its hottest sector.
Waterton Associates LLC, the owner of Presidential Towers, has hired brokerage Eastdil Secured LLC to sell a 49 percent stake in the 2,346-unit West Loop apartment complex, sources say. Chicago-based Waterton paid $475 million for the four-tower property in 2007, just as the real estate market was peaking, and the sales effort will test the strength of a downtown apartment market that many believe is cresting once again.
Multifamily market: Making 'cents' of renovations
CA-As multifamily continues to maintain its popularity as an investment, property managers and investors are taking advantage of multifamily acquisitions and rehabilitations. While there are a number of factors that have created the boom in multifamily, the bottom line is that growing demand and low supply in some markets make multifamily renovation a smart move.
The key to making it work is remembering the fundamentals. As investors and property managers weigh market factors and consider an investment in apartment renovations, there are three important fundamentals to remember.
To survive in 10 years, your business will need …
By Emma Fitzpatrick
For any business, it's really easy to get caught up in the day to day, but stepping back and taking a look where your business needs to be is the key to success. Big or small, no business is guaranteed a fruitful financial year. In fact, maintaining your popularity with customers is hard work — and you always need to be 10 steps ahead. A recent study surveyed professionals about the next 10 years of marketing. Read on to discover what your business needs to remain thriving (and relevant) in 10 years.
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