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Belgravia’s Lev: Chicago’s the “Jewel of the Midwest” Despite Headwinds
“Chicago is the jewel of the Midwest” and will continue to be, says Belgravia Group chairman Alan Lev. Nonetheless, he also sees a number of headwinds challenging the market.
For starters, there are the region’s property taxes, and the widespread concern that the new assessment methods used by Fritz Kaegi, the recently sworn-in Cook County assessor, will make them steeper. There’s uncertainty over the stance toward business of Chicago’s new mayor, Lori Lightfoot, who will take the oath of office on May 20.
“There’s no indication” what her specific policies will be, Lev tells Connect Media.
It’s a safe assumption that Lightfoot is likely to emphasize economic development outside the CBD, and Lev would concur that the city’s post-recession success has yet to be felt widely beyond the core.
However, he says, “the neighborhoods that need the development the most probably won’t get it, because of the policies that are intended to help them.”
The effects of these headwinds will be part of the conversation when Lev and other industry heavyweights take the stage at Connect Chicago on May 14. Lev, whose firm has developed residential and commercial properties across Chicago neighborhoods ranging from River North to Pilsen, will bring insights from three decades’ experience in real estate to the table.
Joining Lev among the experts brought together by Connect Conferences will be the Marshall Bennett School of Real Estate’s Collete English Dixon, Oxford Capital’s John Rutledge, Podolsky Circle’s Alissa Adler, Farpoint Development’s Scott Goodman and North Wells Capital’s Tony Lindsay, among others.
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