General Iron permit denied, questions arise around casino proposals, and more

Chicago denied permit for General Iron scrap shredder: Faced with an outcry from neighborhood activists, federal civil rights investigations and pressure from the Biden administration, Mayor Lori Lightfoot on Friday blocked a clout-heavy scrap shredder from opening on Chicago’s Southeast Side. Lightfoot’s decision to reject a permit for Reserve Management Group leaves the Ohio-based company with piles of flattened cars, twisted rebar and used appliances surrounding an idled machine it built along the Calumet River under a deal RMG executives thought they had brokered with the mayor. (Chicago Tribune)

McCormick Place officials raise concerns over Chicago casino proposals: As Chicago nears a decision on a winning casino bid, there is a lot at stake for the city, which could boost its financial fortunes and help plug its public pension funding holes with upward of $150 million in annual casino tax revenue, according to projections. But with three of the five proposals planning to use the McCormick Place campus, there may be a wild card in the works. McCormick Place has yet to strike a deal with the city or the developers and is something less than all in on repurposing any of its convention center facilities as a casino. (Chicago Tribune)

City Previews 1st Phase Of Woodlawn Affordable Housing, But Activists Press To Speed Up Timeline With Obama Center's Arrival Looming: City officials want to roll out Woodlawn’s hard-won affordable housing protections in phases, but organizers said they’re concerned a slower-moving process would shortchange low-income residents at risk of being displaced by the Obama Presidential Center. (Block Club Chicago)

City Could Soon Finalize Purchase Of Pilsen's Largest Vacant Lot In Plan To Build Hundreds Of Affordable Apartments: The city is one vote away from buying Pilsen’s largest vacant lot and potentially converting the neighborhood’s largest swath of developable land into nearly 300 affordable apartments. The City Council’s Committee of Housing and Real Estate unanimously approved the city’s move to buy the 6-acre lot at 18th and Peoria streets from developer Property Markets Group. The city is set to buy the land for $12 million as part of a settlement with the developer. (Block Club Chicago)

Gibsons Restaurant nears deal for Fulton Market location: Gibsons Restaurant Group is nearing a deal to open a location in the Fulton Market district, a neighborhood that has remained red-hot for commercial real estate deals throughout the pandemic. The Chicago restaurant operator is looking to lease about 15,000 square feet in a yet-to-be-constructed building at 917 W. Fulton Market, said Alex Najem, co-founder of real estate developer Fulton Street Cos. (Crain’s Chicago Business

LaSalle Street office property's value slashed: There's no disputing that the LaSalle Street office building left mostly vacant when Bank of America moved out last year is worth just a fraction of its previous value. But a recent appraisal of the property suggests it is still worth more than the debt on the property, which—if the estimate is correct—could shape the owner's next move as it weighs the cloudy future of office demand in the Loop. (Crain’s Chicago Business)