The Biz Week That Was: Work begins on Waukegan casino, fierce demand leads to surging home prices

Waukegan casino breaks ground on new $302M permanent facility

Shovels hit the dirt as workers broke ground Wednesday on the permanent site for the American Place Casino in Waukegan. The new $302 million casino will be erected at 4011 Fountain Square Place, directly east of the temporary facility where it has been operating since February 2023.

Scant supply, fierce demand lead to surging home prices in the suburbs

In the Chicago area, where housing demand exceeds supply and competition for properties is fierce, homes frequently go under contract the first day on the market, with some buyers offering to pay tens of thousands over asking. Others pay cash or agree to foot the bill for needed repairs discovered during inspections. Those factors have helped push home prices in the region to record levels. According to Illinois Realtors, the median price of a home in the nine-county Chicago metro area reached $390,000 in April, up 5.4% from $370,000 the previous year. At the same time, the number of homes on the market fell 10.6%, from 13,131 in April 2025 to 11,737 this April.

Batavia to give $1 million for apartment development

The city of Batavia is giving $1 million to a developer to buy and develop land for a low- to moderate-income apartment building. This week, city council members unanimously approved the agreement with Fox River Affordable Housing Corp. The 72-unit building, the Residence at River Point, will be constructed at 400 S. River St. (Route 25), where a limestone quarry once operated.

Passero owner opening steakhouse nearby in downtown Arlington Heights

The owner of the successful Passero restaurant in downtown Arlington Heights is behind plans for another eatery — this one, a Chicago-style steakhouse and American bistro — two blocks away. The concept for Hugh’s Chophouse, expected to open this summer at 9 N. Vail Ave., is described as a classic, yet modern steakhouse and bistro that will specialize in steaks, chops and seafood.

Pulte wants to buy DuPage Water Commission land for $14 million to build ‘Naperville Ridge’ duplexes

An undeveloped property on the south side of 75th Street stands out between homes in the city of Naperville to the west and apartments in the village of Woodridge to the east. The unincorporated site, by contrast, is densely wooded. The owner, the DuPage Water Commission, plans to sell it to Pulte Home Co. for $14 million. Pulte intends to build a 94-unit duplex neighborhood called “Naperville Ridge” described as “a new high-end opportunity for empty nesters and pre-empty nesters to downsize.”

Leases take Schaumburg office campus above 90% full, showing appeal of single-story spaces

Demonstrating again the resurgence in popularity of single-story office buildings, Oakbrook Terrace-based NAI Hiffman has signed several new leases bringing a six-building campus in Schaumburg above 90% occupancy. The new leases total nearly 15,000 square feet, or more than 11% of the 130,288-square foot One Story Schaumburg campus on Remington Road between Interstate 90 and Golf Road.