Episode 30: Opportunity Zones – Bob Waun and Loren Guzik of Pike Street Properties, LLC

August 10, 2018 by Phil Coover

In this episode, Phil sits down with Bob Waun and Loren Guzik, two of the principals of Pike Street Properties, LLC, to discuss the new tax advantaged vehicle that everyone is talking about: Opportunity Zones. Pike Street is currently embarking on an endeavor to create and raise capital through the use of Opportunity Zone Funds, which was created by the Tax Cuts and Jobs Act of 2017 (a/k/a the Trump Tax Plan). Pike Street intends to raise these funds and invest in the communities they care about, namely, Pontiac and Flint Michigan. These gentlemen have been trying to revitalize these blighted areas for years, and now through this new vehicle, they may get their opportunity.

This bi-partisan initiative allows capital gains to be invested in certain designated opportunity zones and, if done following numerous specific guidelines (some of which are still being determined), can have significant tax benefits including deferred gains, step up in basis of 10% after 5 years, 15% after 7 years, and a waiver of gains on the appreciation of the investment if held for over 10 years.

You can learn more about the Opportunity Zones and Pike Street here: https://www.pikestreetproperties.com/

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 29: Dean Marks, Esq. - Sterling Bay

June 27, 2018 by Phil Coover

“Bring us your Biggest Idea” is the mantra of Sterling Bay. Phil sits down with long time Sterling Bay General Counsel and Principal, Dean Marks, to discuss Sterling Bay’s history of big ideas, notable developments, and future massive projects. Starting with a review of the major redevelopments of buildings in the West Loop and Fulton Market areas, including the Google headquarters and former Oprah Harpo Studios turned McDonalds. Then, the conversation turns to the massive project along Chicago’s North portion of the river—Lincoln Yards. Lincoln Yards is grand in both vision and scope, and projects to extend the 606 pedestrian thoroughfare, renovate the existing Metra train station at Clybourn, and create an enormous 70 acre mixed use commercial, residential, and transit focused community where people can live, work and play. This is the site of course where Sterling Bay is trying to lure the Amazon 2nd Headquarters, and building a stadium for sporting and live entertainment events. From there, Phil and Dean talk about the history of Sterling Bay, it’s growth, and it’s fun passion project called Victory Ranch.

Learn more about Sterling Bay HERE

Learn more about Lincoln Yards HERE

Learn more about Victory Ranch HERE

Episode 18 - The University Club of Chicago

September 12, 2017 by Phil Coover

The University Club of Chicago is a private city club residing in a gorgeous 13 floor gothic skyscraper located at the corner of Monroe and Michigan Avenue in downtown Chicago. Phil recorded this episode onsite with its general manager, John Spidalette, head chef and restaurant manager, Mark Baker, and chief engineer, Marty Keane, to discuss the opening of $13.5 million expansion on the 7th and 8th floor. This is a unique development as it involves combining two buildings, dealing with landmark building issues, and raising funds to deliver a beautiful new restaurant (The Parliament), private dining space, two outdoor spaces including a balcony overlooking Millennium Park, and a more casual sports bar area called The Living Room. The project includes design and architecture by Antunovich Associates, general construction services rendered by Bulley and Andrews, and owners representative JLL. We release this episode just one day before its formal opening to membership. In full disclosure, Phil is a longtime member of the University Club, involved in club governance, and this is his home away from home.

Find out more about the University Club here: http://www.ucco.com/

Check out the Expansion Project video here: https://www.youtube.com/watch?v=6YMTKCHORJA#action=share

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests, SATC Solution Center L3C, or Schenk Annes Tepper Campbell Ltd. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.