Pot sellers considering high-profile Mag Mile leases, Related leading charge to boost minority contractors: Daily digest

Every day, The Real Deal rounds up Chicago’s biggest real estate news. We update this page at 10 a.m. and 5 p.m. PT. Please send any tips or deals to tips@therealdeal.com

This page was last updated at 10 a.m. CST.


Related Midwest’s ‘The 78’

Related Midwest’s ‘The 78’

Related Midwest leads charge to boost minority contractors. The local developer is leading an industry-wide effort to create a loan fund that will help minority- and women-owned contracting firms take on bigger projects. Big time players including Magellan Development, Sterling Bay and Clayco will join the effort to help boost minority contracting. [Sun-Times]


Can pot shops help an ailing Mag Mile? Marijuana dispensaries are considering opening on some of Chicago’s most prominent retail strips, including North Michigan Avenue. In particular, the former Apple store at 679 North Michigan Avenue is being considered by the dispensary owners. [Tribune]


Fulton Market seeing massive expansion in hotel development. After two new hotels delivered this year in Fulton Market, another seven proposals totaling over 900 keys are planned for the neighborhood. In all, Fulton Market is projected to be home to about 1,500 hotel rooms in the next few years, raising questions about how much supply the market can absorb, and which projects might struggle, if they get off the ground at all. [TRD]


South Shore entertainment complex hits snag. Developer Alisa Starks is looking for financing for her plans to build a 50,000-square-foot entertainment district on the South Side, including a dine-in movie theater, bowling alley and events space. The project has been in the works since 2015, and hit a roadblock last year when the federal government shutdown gummed up the issuing of new market tax credits. [Block Club]


West Loop office activity stays red hot. Here’s some good news for the (many) Fulton Market office developments in the works: over 3.5 million square feet of office space has come to the area in the last five years, and 95 percent of it has been leased. Plus, the larger West Loop just had its best leasing quarter since 2014, just as a massive amount of new office product is set to come online. [Bisnow]


President Trump is interested in buying Greenland. And Mexico will pay for it??? Though the permafrost-covered 836,000-square-mile autonomous Danish island is not currently listed for sale, but he appears undeterred. He’s not the first president to try to buy Greenland: Harry Truman tried to buy the territory for $100 million in 1946, but the Danes said ingen (no). [TRD]


There isn’t an industry-wide standard to prevent wire fraud, but these startups are trying. Wire fraud schemes cost the real estate industry $150 million last year, according to an FBI report. Companies like CertifID use various forms of encryption, identity verification and portals to avoid methods of communication that are vulnerable to fraud. [WSJ]


Keller Williams is being accused of stealing tech. TPI Cloud Hosting alleged in a lawsuit that the brokerage skipped paying the bill for their services, and made off with their company prototype. In addition to $1.8 million in payment, the lawsuit seeks damages and describes Keller Williams’ strategy as “steal or copy what you have.” [Inman]

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