A politically related actual property mogul who has been an ally of disgraced former Ald. Danny Solis (25th) is now on the heart of the race to open a few of Chicago’s first leisure weed shops.
Although developer Fred Latsko doesn’t have a stake in any Illinois pot firms, he owns a pair of vacant properties the place hashish companies wish to promote weed.
One is at 901 W. Kinzie within the West Loop; Windy City Cannabis desires to open a leisure weed store within the huge, mural-covered brick constructing. The different is at 444 N. LaSalle, the previous dwelling of the English Bar & Restaurant, in River North; PharmaCann, a Loop pot firm, desires to open a clinic there.
Latsko just lately informed the Chicago Sun-Times he was approached by the hashish companies and didn’t actively market his properties to them.
But under no circumstances are the pot firms a lock to change into Latsko tenants. Windy City Cannabis has but to carry a required group assembly for the Kinzie Street location or apply for a special-use zoning allow. As a end result, the corporate received’t participate in subsequent month’s particular assembly of the Zoning Board of Appeals, the place PharmaCann and its counterparts will search zoning approvals.
As for PharmaCann’s proposal for Latsko’s constructing on LaSalle, state legislation prohibits pot outlets from opening inside 1,500 ft of one another, and three others wish to open close by. That means solely a type of outlets ultimately shall be allowed to open.
As a end result, Latsko — lengthy a participant in Chicago’s political and growth panorama — says he’s involved that somebody is likely to be attempting to sabotage his possibilities of PharmaCann turning into his tenant at 444 N. LaSalle.
City constructing inspectors slapped a warning on that constructing on Feb. 18, saying homeowners might get a quotation for “interference with officials” after an inspector was unable to achieve entry to the property. Pat Mullane, a spokesman for Mayor Lori Lightfoot, stated a 311 caller had complained that development work was being achieved on the location with no allow.
A discover posted Feb. 18 at 444 N. Lasalle, a property owned by developer Fred Latsko that would quickly home one of many metropolis’s first leisure marijuana dispensaries.
PharmaCann spokesman Jeremy Unruh deferred questions concerning the problem to Latsko, who denied that any work was being achieved and urged that the caller could have merely been confused by the development at a neighboring constructing.
But he additionally urged the tipster could also be in cahoots with one other weed agency looking for to open within the space. “I think a lot of people are scrambling to try to muddy waters for different people out there,” stated Latsko. “I think it’s competitors.”
A spokesman for Cresco, which additionally hopes to open close by, declined to touch upon Latsko’s declare. Representatives for the opposite two pot dispensaries, MOCA and Greenhouse Group, did not reply to messages.
Every week after officers tried to get inside Latsko’s constructing — after the Sun-Times reached out to PharmaCann and the town — an inspection was scheduled and “no issues were found at the property,” Mullane stated.
PharmaCann hopes to open a brand new pot store at 444 N. LaSalle Drive.
It’s no shock Latsko’s high-profile websites are drawing curiosity from pot firms: he’s been a clout-heavy participant in Chicago for years. In 2017, he doubled his funding in a property at 930 N. Rush when he bought the house of a Lululemon Athletica for almost $21 million.
He additionally has some familiarity with the marijuana business, leasing buildings to hashish companies in Nevada and California.
Reluctant landlord
Despite his involvement, Latsko stated he’s “still reluctant” about his position within the authorized weed biz. That’s largely as a result of the federal prohibition of the drug restricts hashish companies from utilizing conventional banking companies. ”I receives a commission in money from tenants,”…