You are here: Home Latest News

New Development on Morse Avenue

TAWANI Property Management Develops a New Residential Building in Rogers Park

Chicago, IL – TAWANI Property Management, the property management division of TAWANI Enterprises, Inc. is developing a new, dynamic residential building at 1323 W. Morse Avenue in Rogers Park. The organization is partnering with Z Feng Architect & Company who will serve as the architect of record, with Pepper Construction as general contractor.  TAWANI Property Management broke ground on the property on Friday, March 3rd.

“We are thrilled to bring this new apartment building to Rogers Park as we expand our portfolio and commitment to the community,” explains a TAWANI spokesperson.  “We continue to invest in Rogers Park and hope to create shared value with our surrounding communities.”

Breaking ground

The beautiful, eight-floor brick building with premium modern amenities is designed to harmonize with the distinctive architectural features of historic Mayne Stage and Mayne Annex across the street.  A few steps from the Morse Avenue Red Line El Station, the new real estate offering will be located in the heart of the Rogers Park theater and arts district.  A prominent Morse Avenue doorway will showcase a well-lit, glassed-in entrance and a spacious ground floor lobby to encourage collective interactions by tenants and visitors.  One and two bedroom apartments all feature flowing layouts with expansive light-filled rooms for contemporary living.  All 50 units will be furnished with condo grade finishes such as granite countertops, hardwood floors, stainless steel appliances, balconies and in-unit washers and dryers. Additional features for tenants include a shared outdoor terrace on the fourth floor, a rooftop deck which will include grills, gardening spaces and seating areas with spectacular views of Lake Michigan and the Chicago skyline.  An on-site bicycle facility and exercise room are planned to encourage wellness and environmentally-friendly living. In addition, a three-floor garage on the ground levels will be dedicated to residential and transient parking.  Construction will commence in Spring 2017 and the project completion date is slated for summer 2018.  Pre-leasing is expected to begin in Fall 2017.

TAWANI Property Management is the property management division of TAWANI Enterprises, Inc. reflecting the organization’s long standing commitment to enriching communities and creating value for future generations to enhance the quality of life.  TAWANI Property Management has four divisions based on geographic locations and service offerings.  The categories include: Chicago (formerly known as Rogers Park Vintage Management), Gold Coast, Loop (formerly known as J&J ARNACO), and Stone Heritage Properties which includes its luxurious and award-winning bed and breakfast and vacation and event rental collection (i.e. Emil Bach House designed by Frank Lloyd Wright, Lang House B&B, Stone Porch by the Lake, Stone Terrace B&B and Lincoln Way Inn B&B).  For additional information, visit

TAWANI Enterprises, Inc. is a private company established by Colonel (IL) Jennifer N. Pritzker IL ARNG (Retired). It serves as the backbone and driving force for the development of many business ventures as a result of its vision to link past, present, and future in dynamic ways. For further information, visit  



March 2017 Market Update

The “Trump effect” continues to play out in the equities markets which surged to new heights Wednesday morning (March 1), a day after the President’s address to Congress. The Dow closed at over 21,100 points, a 300-point increase over Tuesday’s close. The surge in stocks was accompanied by a sell-off in bonds, pushing the 10-year Treasury yield up to 2.46%, an increase of ten basis points for the day. Odds of the Federal Reserve increasing rates again at the next meeting of the FOMC later this month (March 14-15) are said to have increased to 70%.

The exhilaration in the equities markets and rising bond yields indicate that the markets expect President Trump to be successful in cutting taxes are reducing regulations, and that these moves will improve economic growth. It is no accident that the latest surge on the Dow Jones came the morning after President Trump’s Congressional address. Clearly, the markets liked the more “presidential” Trump on display Tuesday night. His cooler tone and more even performance reassured investors that a more disciplined President Trump will emerge, and that the Republicans up and down Pennsylvania Avenue can work together to enact some of their business-friendly policies that the recent election made possible.

We shall see. Much work needs to be done after a hectic and uneven start to the new administration. And leadership will be required to bring together the many competing interests that need to be appeased. Within the Republican party, there remain strong divisions between the “tea-party” wing advocating for smaller government at all costs, and moderates who support spending money on infrastructure projects that would benefit their districts. Democrats show little inclination to cooperate with an administration that has prioritized keeping its base happy over trying to win over opponents.

And there sure have been a lot of distractions along the way. A short list would include questions about Trump administration dealings with the Russians; a poorly executed immigration ban; a ramping up of deportations; and unexpected difficulties in trying to repeal and/or replacing the Affordable Care Act, better known as Obamacare. The Trump administration seems to be trying to do everything at once, with few successes to point to.

Still, the markets are in a forgiving mood and believe that these distractions will sort themselves out. The new administration may have gotten off to a chaotic start, but the markets remain convinced that the new President – with the eager cooperation of a Republican Congress – will be able to push through meaningful tax reform, deregulation and a host of other business-friendly policies.

The intersection of politics and business is always complicated. This seems to be especially true today. Keep your eye on the prize, the markets seem to be saying, and the economy could enter a new period of expansion and prosperity. But the flip side of the coin is that continued chaos and infighting could spook the markets and send the indexes right back off their highs.

For now, the markets are happy. Whether they stay that way is an open-ended question. Much will depend on Trump himself, the battles he chooses to fight, and how well he can work with others in his own party and in opposition to him. One thing is for sure. Every day is a new adventure.


Builder and New Construction Updates

Join us for an informative event on Builder and New Construction Updates with George Hernandez, Jr., Vice President Mortgage Banking, National Builder/Condo Mgr. Columbus, OH
Thursday, February 23, 2017
8:30 - 10:00 am
Chase Tower, 56th floor
10 S. Dearborn St., Chicago


February 2017 Market Update

The stock market continues to love the new order. The Dow Jones closed over 20,000 for the first time in history on Wednesday, January 25. But there is also nervousness over what appear to be impulsive directives from the new President whose preferred means of communicating is by Tweet.

Perhaps the most consequential actions of the new administration regarding the economy were the disagreement between President Trump and Mexican President Enrique Peña-Nieto, and the subsequent changes to immigration policy.

The melee with Mexico began when President Trump announced that construction of a wall between the two countries would move forward, and his insistence that the Mexicans pay for it. At about the same time, the president announced more aggressive measures to deport undocumented residents.

The announcements and their timing proved to be awkward for the Mexican President, and undiplomatic by any measure. Peña-Nieto, who had been planning to visit with President Trump in Washington the following week, came under intense pressure to call off the meeting. When Trump all but told him not to come if he would not agree to pay for the wall, Peña-Nieto announced that we would do just that and stay home.

Within days of his spat with Mexico, President Trump imposed sweeping restrictions on immigration. Trump’s executive order bans all immigration to the US from seven, majority Muslim countries for 90 days; bans refugee resettlement for 120 days until some as-yet undetermined additional vetting procedures are put in place (the ban is permanent for Syrian refugees); and sets policies that would prioritize Christians over Muslims for future immigration approval.

Any possible rupture in trade between Mexico and the United States would likely be much more painful for Mexico than for the US. Mexico is highly dependent on the US economically, sending 80% of its exports to this country. Nevertheless, there are reasons to be concerned about what is transpiring between the two nations, the new immigration restrictions, and what this all portends for the future.

Soon after Peña-Nieto cancelled his trip, the Trump administration floated the idea that a 20% tariff would be imposed on all Mexican goods to pay for the wall. While this threat was quickly pulled back as just “one option” among many, it raised an interesting question. If President Trump is willing to start a trade war with one of our closest allies, our third largest trading partner, and a country with which we share a 2,000-mile border, what else is he prepared to do? And how will it impact the economy going forward? We really are in uncharted waters – no one knows what will happen next.


14th Annual Trends Workshop

If it’s January, it must be time for the Annual Trends Workshop. With 105 people in attendance, this year’s event was bigger than ever. So it’s a good thing that we were able to host it in our beautiful new venue on the Loyola University Campus – McCormick Lounge. The space is large and airy with unimpeded views across Lake Michigan. It will be especially nice in the warmer months when the days are longer.

The Trends Workshop would not have been possible without our sponsors. This year, we had fifteen, as follows:

Gold Sponsors:

  • Cagan Management Group, Inc.
  • CIC
  • Loyola University

Silver Sponsors:

  • Independent Recycling Services
  • Three Corners Development
  • Bank Financial
  • Meridian Capital Group

Bronze Sponsors:

  • Apartment Investment Advisors
  • BAO Joint Ventures
  • CheckMate Realty & Development, Inc.
  • Guaranteed Rate
  • Marcus & Millichap
  • MLC Properties and Management
  • Xfinity Communities
  • Winnemac Properties

For the main event, attendees divided into fifteen tables. Each table was asked to predict what the world would look like two years down the road, responding to seven questions that all dealt with the economy and the Rogers Park real estate market:

  • The closing value of the Dow Jones index.
  • The unemployment rate for the State of Illinois.
  • The average interest rate on an apartment building in Rogers Park.
  • The average price/SF of a condo unit in Rogers Park.
  • Typical marketing time for a condo unit in Rogers Park.
  • The average apartment rent in Rogers Park.
  • The average price per unit for an apartment building in Rogers Park.

As always, we had two “tie-breaker” questions. The first was to predict the split between Democrats and Republicans in the House of Representatives after the 2018 elections. The second was to come up with how many more (or fewer) wins the Cubs would have during their 2018-2019 season than the combined total of White Sox/Bears wins.

Approximately 6-7 minutes was given for discussion of each of the seven questions at the end of which results were collected and displayed on an overhead projector. When all of the questions had been discussed and all the results tabulated, Team Leaders from each table came to the front of the room to go over the results. As usual, there were a variety of opinions, reflecting the level of optimism or pessimism about the state of the market among the attendees.

Generally speaking, most of the Team Leaders were optimistic about the future of Rogers Park. But opinions on the future of the national economy were more divided. There was widespread agreement that the recent election of Donald Trump as US President would be consequential for the US economy. Not everyone agreed what impact his new administration would have.

Another big concern of many attendees was the “state of the State.” Gridlock in Springfield – with two consecutive years of no state budget and more of the same ahead – was widely viewed as harmful to Illinois and Chicago. Most attendees felt that the state would be performing better were it not for the impass between Governor Bruce Rauner and State Representative Michael Madigan. There was little optimism that this situation would change anytime soon.

Despite these challenges, attendees still felt bullish on Rogers Park which was widely seen as being “on a roll” and likely to see more appreciation in property values and further increases in rent. Most people believed that Rogers Park will continue to do well as the Lakefront neighborhoods to the south get ever more expensive. Rogers Park will continue to offer the best value for renters who want to live on the North Side Lakefront, but who have been priced out of every other neighborhood between downtown and Devon.

To wrap up, event MC – Mike Glasser – announced the winner of the Trends Workshop from two years earlier. Steve Cain’s team was declared this year’s winner, but only because Jay Fahn edged him out in the bonus question, was not there to collect the prize. Steve was happy to be declared winner and walk off with the honor.

Whether you’re an economic optimist or pessimist, there’s plenty to like about the Trends Workshop. What’s not to like about being part of a great group of people while enjoying outstanding food and drink in a first-rate venue? The Annual Trends Workshop continues to be our signature event, and just keeps getting better year by year.



Annual Trends in the Industry Workshop

This year's Rogers Park Builders Group's Trends in the Industry Workshop,,scheduled for Tuesday night, January 24th, at our new location, Coffey Hall - McCormick Lounge at Loyola University Chicago, will be one of our most anticipated Trends workshops.

The Rogers Park Builders Group's Trends in the Industry Workshop, our 14th annual, is our organization's premier (and, with the exception of Friday Happy Hour, most enjoyed) meetings of the year, where 80 - 100 real estate and community folks gather to discuss and debate a range of questions concerning local, regional and national real estate trends, projecting outcomes in two years' time.  We assign one moderator to each table who guides the discussion and gathers consensus on seven separate questions. Following the group discussion, each of the table's moderators will participate in a panel discussion where we learn each table's consensus on each of seven questions - issues like Dow Jones, unemployment figures, interest rates, rental rates, the condo market, value of multifamily properties...

At the end of the meeting, we will learn which table moderator from our meeting two years ago came closest to projecting this year's outcomes.


  • 6:15: Registration
  • 6:30: Networking, dinner, open bar
  • 7:15: Opening remarks; introduction of Sponsors
  • 7:30: Table Discussions lead by moderators
  • 8:20: Panel Discussion
  • 8:55: Results from 2015 Trends Workshop
  • 9:00: Adjourn meeting; additional networking
  • 9:30: Leave the building

To assure a space, purchase your tickets ($30/person) on or before 1/20/17. If space remains available on the day of the event, you may pay $45 at the door. Tickets are complementary for all RPBG Members (Associate and Directors) who are fully paid up on their 2017 dues by 1/20/17.

Click to Register

Gold Sponsors:

  • Cagan Management Group, Inc.
  • Community Investment Corporation
  • Loyola University Chicago\

Silver Sponsors:

  • Bank Financial
  • Independent Recycling Services
  • Three Corners Development
  • Meridian Capital

Bronze Sponsors:

  • Apartment Investment Advisers
  • Bao Joint Ventures
  • Checkmate Realty
  • Guaranteed Rate
  • Marcus & Millichap
  • MLC Properties and Management
  • Winnemac Properties
  • Xfinity Communities


January 2017 Market Update

It was a year of surprises. Who would have thought at the beginning of 2016 that the Cubs would win the World Series; that Donald Trump would be elected President; or that the Dow Jones would be flirting with 20,000 within the span of twelve months?

The Cubs started the season with a strong line-up and a lot of buzz. But how many people really believed they could go the distance and win a championship that had eluded them for more than a century? Donald Trump was regarded by most serious observers of the political scene as little more than a joke, a vanity candidate who was more interested in boosting his visibility than being leader of the Free World. Few people thought he had any real chance of winning, a belief that persisted right up to the moment his victory could no longer be denied. As for the stock market, it started the year in a funk. After a dismal January, it recovered only gradually through the spring, and then staying in a relatively narrow band until after Trump’s victory.

So, what do we make of the events of the past year, and what do they portend for 2017 and beyond? Presidential transitions are always accompanied by some degree of uncertainty and risk, particularly when control of the White House shifts from one party to the other. But this transition seems particularly fraught with uncertainty, due in part to the unpredictability of the President-elect and in part to the sea change a Trump presidency represents after eight years of Obama.

For now, the markets are clearly enthusiastic about the changes that may be coming. These include tax cuts, reduced regulation, infrastructure investment and the end of divided government that has long characterized Washington.

But there remains a lot that is unknown, and of potential concern. Trump remains more opaque than any recent past president, preferring to Tweet than talk. When he does talk, it is to adoring crowds in his “thank-you” tours. He both avoids and vilifies the press, restricting access to just a few friendly journalists. His positions on Russian interference in the November elections is baffling, as is his admiration for Russian President Vladimir Putin. He has already managed to rankle China over his phone call with the Taiwanese President. All this before he has even taken the oath of office.

This political landscape makes predicting the course of next year nearly impossible. A best-case scenario assumes he will boost the economy by lowering corporate taxes, cutting regulations and implementing a well-executed infrastructure investment program. A worst-case scenario could be a diplomatic conflict that turns into a trade war or even a military confrontation. China and the Middle East would seem to be the most likely spheres where such a scenario plays out. But smooth sailing with our European and Latin American allies cannot be taken for granted. As for Russia, the Trump-Putin relationship may be good now, but will it remain so? Russia has rarely been more openly hostile to the West than it is today. What Putin chooses to do once Trump is in the White House may be the greatest uncertainty of them all.

One thing is certain. There will be a new normal, and it will not resemble what we have become accustomed to over the past eight years. This may prove to be a good thing, or it may not. While we are waiting to find out, I wish everyone a very Happy New Year and hopes of a Cubs repeat in 2017. If it can happen once, it can happen again!


RPBG Helps Sullivan HS Band Program

Sullivan High School music teacher, Andrew McGuire learned that many high-quality instruments, in need of repair, were sitting, unused, in the school’s basement.


Read more ...

November 2016 Market Update

It is November 9 – the morning after. The election is over, and we all now know – Donald Trump will be the 45th President of the United States.

There are any number of things to say about what happened last night. Since we are a business organization, I’d like to focus on the implications of this election on the economy. From the moment the equities markets first realized that Trump would possibly, and then probably, win the election, stocks have sold off. Dow futures were down as much as 800 points overnight, and are currently down about 200 points as I write this article. Minute-by-minute price changes are not as interesting as the underlying reasons why the markets are reacting as they are.

There are probably two aspects of the Trump election that are most concerning to the markets. Both have to do with Trump’s strong “Fortress America” stance. 

The first is immigration. Trump has been very clear that he would like to see the eleven million or so illegal immigrants in this country sent home. He has also suggested that he would make future immigration to the country much more difficult, particularly for groups he views as undesirable or even dangerous. On the first score, Trump will face many obstacles, both legal and logistic, in any effort to remove undocumented people from this country. But on the second score, he can and probably will make immigration more difficult.

Many Trump voters believe this is a good thing, and believe that immigrants take more from this country than they give back. But most experts (I know, no one likes experts anymore) believe just the opposite. On the low end of the wage-scale, immigrants often do work that native-born Americans just won’t do. On the high end of the wage-scale, immigrants bring skills that not enough native-born Americans possess. On both fronts, the contribution these immigrants make is important. Losing these sources of labor could hurt economic growth and is of concern to the markets.

The second is trade. Trump has made it clear that he wants to rip up existing trade agreements and make future agreements much more favorable to this country. Trump’s voters believe that trade has hurt this country, pushing good-paying manufacturing jobs to other countries where labor is cheap, and flooding this country with low-cost goods that unfairly compete with US-made products.

Again, the discredited experts would tell you that many of the lost manufacturing jobs disappeared, not because of cheap labor abroad, but because of technological changes that lessened the need for labor in the first place. Regarding trade agreements, it is probably naïve to believe that we can impose stricter controls on imported goods without facing the same restrictions on our exports. More restrictions on trade could also be expected to hurt the economy and are therefore also of concern to the markets.

We will soon find out. Trump will take office in January. Both houses of Congress and, inevitably, the Supreme Court will all be in Republican hands. As long as the Republicans stay united, Trump will be in a strong position to make good on his promises. How this plays out in the economy remains to be seen. But the facts suggest that the promises might be harder to deliver than the rhetoric. Only time will tell. Meanwhile, keep an eye on the stock markets. They operate on democratic principles as well – one dollar, one vote.


Call us

Send us an This email address is being protected from spambots. You need JavaScript enabled to view it. or give us a call on (773) 491-1235




  • PO BOX 608492, Chicago, IL 60660
  • (773) 728-9900