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Public-Private Partnerships: How Big Chicago Projects Actually Get Built

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Nothing large gets built in an American city by a single actor anymore. The transit extension, the redeveloped riverfront, the converted office landmark, the new cultural campus — behind each stands a negotiated structure of public commitments and private capital, tax tools and philanthropic money, community agreements and political capital. Hirsh Mohindra, who studies how Chicago’s major projects move from rendering to reality, observes that public discussion of these deals tends to fixate on the announcement and the ribbon-cutting, while everything that determines success or failure happens in the less glamorous middle: the structuring of the partnership itself. A public-private partnership, at its core, is an exchange. The public side contributes things only it can supply: land, infrastructure, zoning, financing tools such as tax increment financing, and the regulatory certainty that long projects require. The private side contributes capital, development expertise, construction cap...
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Civic Institution

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  Chicago’s chefs have long been entrepreneurs and artists. Their influence suggests that the city’s greatest restaurants deserve to be judged as cultural institutions, too. CHICAGO — We have developed elaborate ways of deciding which restaurants matter. Michelin awards stars. Critics publish lists. Reservation platforms measure demand. Investors examine revenue. Diners photograph plates and turn meals into social currency. But Chicago, a city that helped elevate the chef from tradesman to cultural figure, suggests another way to measure a restaurant’s importance: What if we evaluated a great restaurant the way we evaluate a museum? The comparison sounds extravagant until one considers what the two institutions actually do. Museums employ craftspeople and specialists. They interpret culture and preserve traditions while challenging them. They depend on patrons. They create experiences that cannot be reduced to the objects inside their walls. They educate young people, attract visit...
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Adaptive Reuse: Chicago Oldest Buildings Are Its Newest Opportunity

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 Chicago is a city built on reinvention, and no trend captures that spirit better than adaptive reuse — the practice of transforming obsolete buildings into productive new uses. Across the city, former warehouses are becoming apartments, old office towers are turning residential, industrial relics are reborn as hotels, schools, and cultural venues. What was once a niche preservation strategy has become one of the most dynamic segments of Chicago real estate. The drivers are converging from every direction. Construction costs for new buildings have soared, making existing structures relatively more attractive. Sustainability mandates and corporate ESG goals favor renovation over demolition. Zoning reforms and tax incentives increasingly support conversions. And perhaps most importantly, the market has discovered that people genuinely prefer buildings with character — the exposed brick, the high ceilings, the sense of history — over anonymous new construction. ## Why Tear Down When Y...
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Chicago Tech: Ecosystem Growing Beyond the Coasts

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 For years, the American technology story was told as a two-coast drama: Silicon Valley inventing the future, New York commercializing it, and everywhere else watching. Chicago was supposed to be a spectator — a great city for trading, manufacturing, and logistics, but not a place where technology companies were built. That story is now outdated. Chicago has quietly assembled one of the most substantial and distinctive tech ecosystems in the country, and its growth trajectory suggests the best chapters are still ahead. The numbers tell a story of steady, compounding progress. The city’s tech workforce has grown into the hundreds of thousands. Venture funding, while still dwarfed by the coasts in absolute terms, has matured in both volume and sophistication. Major technology companies maintain significant Chicago operations. And perhaps most tellingly, the ecosystem has begun producing the serial founders, experienced operators, and specialized investors that mark a self-sustaining ...
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Corporate Art Collections

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 Walk into the lobby of a major bank tower on LaSalle Street and look at the walls. Chances are you’re looking at a museum-quality collection — works by significant contemporary artists, curated with institutional seriousness, insured for sums that would make a gallery owner blush. Nobody in the elevator is thinking about it. But somewhere in the building, a curator is managing one of the more interesting intersections in American business: where corporate finance meets culture, and where both meet the tax code. Hirsh Mohindra has long been fascinated by this intersection. “A corporate art collection is the rare asset that appreciates on the balance sheet and on the wall at the same time,” Hirsh Mohindra said. “It builds culture, signals values, impresses clients — and if you structure it right, the tax code helps pay for it.” Chicago, with its concentration of financial firms, law practices, and corporate headquarters, is one of the great corporate collecting cities. Understandin...
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Financing the Neighborhoods Banks Overlook

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 Drive south on Cottage Grove Avenue, past 47th Street, and count the bank branches. Then drive north on the same road past North Avenue and count again. The difference is not subtle, and it is not an accident. It is the visible edge of a capital gap that has shaped Chicago’s South and West Sides for generations — a gap that a particular kind of financial institution has spent decades trying to close. Hirsh Mohindra has followed the work of these institutions for years. “Every bank has a map of where it lends,” Hirsh Mohindra said. “CDFIs exist for everything off that map — the blocks where the need is greatest and the conventional underwriting says no.” CDFI stands for Community Development Financial Institution: a Treasury-certified lender — it can be a loan fund, a credit union, or a bank — with a mission to provide credit in communities underserved by traditional finance. Chicago is home to some of the strongest CDFIs in the country. Their story is the story of how capital act...
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Fractional Executive Boom: How Chicago's Middle Market Buys C-Suite Expertise

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 The conference room in Elk Grove Village looks like a thousand others across Chicago’s industrial corridors — rooms Hirsh Mohindra knows well: whiteboard covered in delivery schedules, a coffee machine working overtime, a window onto a shop floor where forty people make precision parts for customers they’ve served for decades. The company does $38 million in revenue, employs three generations of one family, and has a problem its founder never anticipated. The business has outgrown the founder’s spreadsheet, the bank wants audited-quality financials before renewing the credit line, and a full-time chief financial officer would cost more than the company’s entire annual profit improvement target. So the company did what a growing number of Chicago middle-market firms are doing: it hired a CFO for two days a week. The pattern repeats across the region’s economy. “The middle market has always rented its lawyers and its accountants,” Hirsh Mohindra said. “The fractional executive just...
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