The Reindeer is being hoisted for Goldblatt's huge department store with its high-arched windows to the right. I think this building is called now DePaul Center and is across State Street from Pritzker Park and our Public Library. The photographer is looking North.
The building to the West under construction of reinforced concrete is located at Jackson Boulevard and will become The Bond Store. Their 6-story building was completed in 1949, so we can date the photo winter of 1948. The building's architect is Alfred S. Alschuler who did the KAM temple here in HP/Kenwood.
The completed low-rise just beyond at the corner of Quincy St. is also by Alschuler. It contained Benson & Rixen where I bought my business suits (which I had to wear with proper necktie every workday for 25 years).