Shakedown allegations could have chilling effect on Chicago real estate, years into the city's development boom
CHICAGO - Bathhouses might become the preferred meeting place for Chicago real estate developers, zoning lawyers and aldermen to discuss upcoming projects.
And it has nothing to do with recent record cold temperatures.
"The joke among developers is that we're all going to have to start meeting in saunas, because everybody's worried about who's going to be wired up," said one longtime Chicago commercial developer, who asked to remain anonymous.
It remains to be seen how spot-on that punchline is, as property owners in the city brace for the fallout from recent allegations of property owners being shaken down while seeking assistance from public officials.
In the worst-case scenario, the unfolding drama could slow a nearly decadelong boom of construction and headquarters relocations in Chicago, cast suspicions even on law-abiding developers and politicians, and further erode public trust in a city with a reputation for backroom deals.
Left is the impression "that maybe it wasn't business acumen but something else" if a development succeeds, said
