roeder
David Roeder biography
David Roeder is a business reporter for the Chicago Sun-Times covering real estate development and the financial markets. Besides his daily coverage, he writes columns …
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Failed ‘Spire’s hole in ground could gain value in time
DAVID ROEDER: Time waits for no man, but it might cut a break for somebody who will hold property patiently — even if the property in question poses a difficult case. Consider, for example, the former Calatrava “spire” site at 400 N. Lake Shore Drive.
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2012 was best year for Chicago office leasing since ’06
In these January days, we all could use good news about the economy, so here goes: In 2012, the downtown Chicago office market had its best year for leasing since 2006. That’s the finding from the tenant-advisory firm Studley Inc. in its market report summarizing the year just finished. Its analysis points to job growth in the city’s core, even if much of it comes at the expense of the suburbs.
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Housing market improving, but . . .
As the old year expires, numerous articles will delve into whether the housing market will improve during 2013. But they’ll be asking the wrong question. The real question is: Compared to what?
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California firm to buy family-owned Kenny Construction: source
Kenny Construction Co., a family-owned company that became famous in 1992 when it repaired a breach that flooded old freight tunnels in the Loop, will be sold, perhaps by yearend, to Granite Construction Co., based in Watsonville, Calif., a source said. Granite is a publicly traded firm with large jobs on the East and West coasts and annual revenue of about $2 billion.
Wolf Point delay could be costly
DAVID ROEDER: The three-tower Wolf Point project, a $1 billion proposal backed by the Kennedy family, has been having a rough go of it lately. Downtown Ald. Brendan Reilly (42nd), delayed a planned hearing on the project after being surprised by last-minute details in the developers’ zoning application to the city that didn’t reflect promises made to neighbors.
Old Maryville site has new suitors after neighbors rejected oversized dreams
In real estate lingo, the 3.5 acres at Montrose and Clarendon, the old Maryville Academy property, has been “in play” for several years. Located just west of Lake Shore Drive, the site’s promise of premium views for high-rise dwellers has made developers dream big.
Wolf Point project’s call for up to 1,800 hotel rooms delays hearing
DAVID ROEDER: A city agency’s vote on a three-tower development plan for Wolf Point was deferred Tuesday after a downtown alderman complained that the project’s investors introduced last-minute details. The exercise carries a lesson for anybody who wants to build something in Chicago and needs aldermanic favor: Watch those legal filings and don’t embarrass a guy who sticks his neck out for you.
Deere’s a marathon runner
DAVID ROEDER: Tractor maker Deere (DE) is easing up on the throttle. With its latest quarterly earnings, management at the bellwether stock tossed out warnings about its short-term prospects. But cut away the corporate caution and you’ve got a picture that shouldn’t scare off long-term investors. It certainly didn’t frighten Warren Buffett’s Berkshire Hathaway (BRKB), which added a stake in Deere a quarter ago after selling other blue-chip investments.
Kennedy ‘cap’ would spruce up West Loop
The plan to “cap the Kennedy” is one of those visionary city initiatives that sits tucked away in planning documents, awaiting money and patrons. I don’t know if the money is there, but the plan to build a park over the Kennedy Expy. has found …
Career Education flunks earnings test
Shares of Schaumburg-based Career Education (CECO) plummeted to a 52-week low after executives reported a steep third-quarter loss and a coming shutdown of a quarter of its locations. Its shares have fallen more than 80 percent since the summer of 2011.
New hope for foreclosed West Side gym, private school
President Barack Obama, following his election day custom, played his education secretary, Arne Duncan, and friends in a pickup basketball game Tuesday. Former U.S. Senate candidate Alexi Giannoulias also Tweeted his participation. They played at a place that has gone through foreclosure — what the Republicans could have done with that a few days ago.
Hurricane may help auto sales
Can anything good come out of a devastating hurricane? In the Northeast, the horror of Sandy will remain for years, but for people there and across the country, there’s something else to consider: Sandy is an investment opportunity. The economic record shows that disasters have …
Clout and apathy doomed Prentice Women’s Hospital
Providing landmark protection to a building in Chicago is a weird process that draws on a mix of clout and popular opinion. Clout as it is applied to landmarks can be justified. Property owners have rights, after all. They are entitled to say if an …
Roeder: Motorola ‘contributes’ to Google’s earnings snafu
‘Google reported disappointing third-quarter results, which included the first full-quarter contribution from Motorola Mobility.” So said the first line of an analyst report from William Blair & Co., one of oodles issued after the Google (GOOG) announcement of Oct. 18 that rattled the market’s faith …
Romney’s tax-free, guilt-free dividend plan
DAVID ROEDER: During the presidential debate last week, Mitt Romney made a point that hadn’t been clearly laid out in the campaign amid the overheated rhetoric about spending. The Republican wants to increase the ranks of the famous 47 percent who don’t pay federal taxes. Romney stated his view that taxes should not be owed on capital gains, dividends or interest income for families making less than $200,000 a year. All are important sources of money for many middle-income people and retirees, and putting it beyond the taxman’s reach promises a massive new freebie.
Icahn has eyes on Oshkosh
Billionaire investor Carl Icahn has stirred up trouble at Lisle-based Navistar International (NAV). Now he’s doing it at a potential merger partner for Navistar, giving investors a chance to bet on a future deal. Icahn said Thursday that he plans a tender offer for control …
North Side development caught in crossfire over schools
School overcrowding is one of the more contentious issues in Lincoln Park these days, and it has ensnared the developer who wants to build on the old Children’s Memorial Hospital site.
How fast trading adds up
It’s been called the “revenge of the nerds.” It’s high-frequency trading, the super-fast orders of stocks, options or futures that are designed according to an algorithm and executed without human intervention. Programming replaces investment prudence. High-frequency trading has been hailed as an innovation, a development …
Less housing, more retail in Rosenwald remix
DAVID ROEDER: Sometimes, life is all about adjustments. In Chicago’s Bronzeville area, Ald. Pat Dowell (3rd) and developers have agreed on adjusted terms for the redevelopment — really a rebirth — of the landmark Rosenwald Apartments building at 4600 S. Michigan. If they can pull it off, it will have enormous impact. But the Rosenwald is huge, neglected and defies easy answers. The project also appears to have a thin margin for financial error.
Analysts: Aon is A-OK
If analysts at William Blair & Co. are correct, Aon (AON) is a stock that will bloom starting later this year. And they aren’t alone in thinking positively about the insurance brokerage and human resources consultant.
