These early skyscrapers have been long vacant and federal funds have been earmarked for demolition, due to post-9/11 security concerns related to their proximity to the Chicago Federal Center. are being recommended for demolition as part of a security plan for the Dirksen Federal Building. State St.Ĭonsumers Building, 1913, Jenney, Mundie & Jensen, 220 S. Here are the other buildings highlighted in 2023:Ĭentury Building, 1915, Holabird and Roche, 202 S. The Most Endangered list, begun in 2003 and now in its 20th year, was created to sound the alarm and rally support for buildings in danger of demolition. “The Warehouse should be protected as a symbol of the rich history of Chicago’s LBGTQ+ African-American community, the incredible story of house music and the groundbreaking impact that Frankie Knuckles had on the sound of modern music today.” Preservation Chicago urges the City of Chicago to take urgent steps to initiate Chicago Landmark designation,” the organization said. “Despite its extraordinary significance to Chicago music and cultural history, the Warehouse has no protections against alteration or demolition. Today, in a revitalized West Loop, the building is ripe for teardown and redevelopment, which is why Preservation Chicago has included the Warehouse on its 2023 “Most Endangered” list, announced Wednesday. (Credits: Serhii Chrucky, Ward Miller, Serhii Chrucky / Preservation Chicago) The Warehouse (l), Werner Brothers Storage Building and Continental Can Company Building are all the 2023 list of Preservation Chicago's Most Endangered buildings. It was in a remote part of the city that had been abandoned because so much industry and business had moved out… I had to travel so far out of the neighborhood, just to get groceries and things like that.” “When I first moved to Chicago ,” Knuckles recalled to Red Bull Music Academy in 2011, “I lived there in the building for maybe the first two years. Since rates have soared over the past year, those bonds have declined in value, and in the event that the bank needs to sell them, as Silicon Valley Bank did, they could realize significant losses that could ultimately wipe out shareholders' equity.This is the place where DJ Frankie Knuckles spun his mix of disco, electronic, soul and gospel, popularizing a new style of music - house - that took its name from the building. The stock is down 30% since Wednesday, when the first domino fell that ultimately took down Silicon Valley Bank.Ĭharles Schwab is one of many banks that poured billions of dollars into US Treasury securities at a time when interest rates were at rock bottom levels. The stock pared some losses but was still down 19% shortly after the opening bell. The bank, which is the eighth largest in the country, saw its stock price crash as much as 25% in early Monday trades. Charles Schwab is one of those banks, with a combined $27.9 billion in unrealized losses across its held-to-maturity and available-for-sale bond portfolios, according to its annual 10-K filing. Investors are growing more and more concerned about the massive unrealized losses banks are sitting on in their bond portfolios following the swift collapse of Silicon Valley Bank on Friday.Īccording to the FDIC, at the end of 2022 US banks were sitting on $620 billion in unrealized losses on their bond assets.
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