Hello, Chicago.
The Federal Reserve announced its first interest rate cut since the pandemic yesterday, a move that real estate developers say could eventually help jumpstart construction of new apartment complexes in downtown Chicago and dot the skyline with cranes.
Thousands of residents want to move downtown, especially to amenity-rich West Loop neighborhoods like Fulton Market, and developers are eager to launch new projects, but some proposals have become too costly after the Fed began raising interest rates in 2022.
“We need cranes in the sky,” said Regina Stilp, founder and principal of Farpoint Development, one of the developers aiming to build a 7 million-square-foot innovation center on the former Michael Reese Hospital site in Bronzeville. “We have a multifamily building (Fulton Market) that we want to build, but we can’t. The cost of construction is too high.”
Lower interest rates boost the economy by making borrowing cheaper, which helps consumers buy new cars and homes. Lower interest rates also make it easier for builders to get the construction loans typically needed to finance the construction of new skyscrapers.
Read the full article by Brian J. Rogal of the Tribune.
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What you need to know about the two waves of deadly explosions that hit Lebanon and Syria
Just a day after pagers used by hundreds of members of the militant group Hezbollah exploded, more electronic devices exploded in Lebanon on Wednesday in what appears to be a second wave of sophisticated and deadly attacks that have targeted an extraordinary number of people.
The two attacks, believed to have been carried out by Israel, have heightened fears that the conflict between the two sides could escalate into open warfare. This week’s explosions have also heightened concerns about the range of potentially compromised devices, especially after such bombings have killed or injured so many civilians.
Brother of Chicago woman imprisoned in China appeals to Capitol: ‘Bring my sister home’
Former Chicago police officer Tim Hunt’s testimony Wednesday morning at the Capitol is the latest step in his decade-long journey to get his sister back from a Chinese prison. Dawn Michelle Hunt, a lifelong resident of the South Side, was arrested by Chinese authorities on drug charges in 2014.
She was raped, received multiple blood transfusions and may have cancer, according to her family and medical documents. The Hunt family is calling on the United States to do more to secure her release.
ShotSpotter’s future in question again at city council days before gunshot detection tool goes offline
The City Council on Wednesday again rejected Mayor Brandon Johnson’s plan to rid Chicago of ShotSpotter, voting to keep the gunshot detection technology just days before it was taken offline.
However, Johnson appears ready to move forward with his plan to drive tech out of the city.
Ethics ordinance targeting lobbyist donations to mayoral candidates passes city council
The measure prohibits lobbyists from donating to a mayor’s or mayoral candidate’s political committee and provides for fines and suspensions for lobbyists who violate the rule. The effort to reinstate a 2011 executive order signed by Mayor Rahm Emanuel was critical given the number of elected officials in Chicago City Hall who have been “indicted, convicted and sent to prison,” said the bill’s sponsor, City Councilman Matt Martin.
Chicago-based Oak Street Health to pay $60 million to settle bribery allegations
Chicago-based Oak Street Health has agreed to pay $60 million to settle allegations that it paid bribes to insurance agents in exchange for their help recruiting patients.
Chicago Sports Network and DirecTV Announce Deal, But Gaps Remain in TV Market Ahead of Launch
As expected, Chicago Sports Network and DirecTV have officially announced an agreement to carry the new White Sox, Bulls and Blackhawks TV channel when it launches on October 1.
The first pay-TV partner for the nascent 24/7 regional sports network will deliver more than 300 games and additional sports programming to DirecTV subscribers across a five-state coverage area, including Illinois, Iowa and portions of Indiana, Wisconsin and Michigan, completing part of the viewing puzzle for fans of all three teams.
The Chicago Sky still have a chance to make the playoffs. Here’s what needs to happen on WNBA Decision Day.
With one game left in the season, the Chicago Sky are still in contention for a spot in the WNBA playoffs.
Barely.
‘The Substance’ Review: Demi Moore Is a Hollywood Veteran Risking It All on a New Body of Work
“The Substance” burns a single idea for two hours and 20 minutes, and narratively it burns to ashes by the 40th minute, writes Tribune film critic Michael Phillips. It’s easier for a movie to become a talking point that way. The film festival buzz that “The Substance” enjoyed when it premiered at Cannes tends to come from movies that dictate a point of view, early and often, rather than throwing a bunch of complementary or even contradictory ideas at each other.
The Cannes buzz around Demi Moore is another story. The film probably wouldn’t work without her, and doesn’t really work with her, because she’s so much better than her subject. The technique and sly emotional details that Moore brings to “The Substance” are the substance of the film.
Column: Forget labels like “Dad TV,” the general public is larger than you might think
As a television series producer, Amazon has had extraordinary success adapting Michael Connelly’s Harry Bosch book series, as well as Lee Child’s Jack Reacher book series. New seasons of both series are expected next year, and they’re often dubbed “Dad TV” because of their stoic, unassuming main characters who rely on their patience and wits until it’s time to rely on unwavering firepower.
True, a lot of fathers are drawn to these portraits. A lot of mothers, too. And people without children, too. That’s because these shows are aimed at a general audience, which is a much more useful way to understand who is drawn to—and watches—different types of television and movies, writes Nina Metz, a TV and film critic for Tribune.
MCA Presents Chicago Performs Series in a Museum Facing Major Changes
With the Art Institute recently announcing a $75 million gift for a new building dedicated to modern art, eyes have turned to Chicago’s smaller Museum of Contemporary Art, down the street, which is devoted to that subject. The Museum of Contemporary Art was founded in 1967 in part to fill a void left by the Art Institute, which was intended as a “place of experimentation, a testing ground, a laboratory,” founding director Jan van der Marck told Time magazine that same year. “I want to show what’s alive in the minds of today’s artists.”
In 2024, the MCA continues to think outside the box. The museum prioritizes living artists and positions itself as a gathering place where the public can eat, work, and socialize. The MCA is increasingly moving away from the museum model of static paintings on white walls. But it is also facing dwindling resources, staff turnover, and a unionization drive.
