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A co-founder of developer Sterling Bay and a former senior economic adviser to President Barack Obama have teamed up to raise $1 billion to invest in the poorest areas of Chicago and other cities. Scott Goodman, the former Sterling Bay executive who’s the founding principal of Farpoint Development, and Steve Glickman, the onetime presidential adviser, are part of a newly formed venture called Decennial Group that wants to raise $1 billion for the first of several planned funds to invest in real estate in overlooked areas. Its first target in Chicago: the former Michael Reese Hospital site south of McCormick Place.

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