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Articles filed under Commercial Real Estate

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  • Wheeling Town Center delayed by ‘unforeseen’ gas line Jan 27, 2015 5:30 AM
    Construction on the $100 million Town Center — creating a long-awaited downtown Wheeling — will be delayed about three months after developers discovered “unforeseen,” underground utilities they want to relocate. But officials are optimistic the project can finally break ground by the end of the year. “We’ve got to get the shovel in the ground,” Village President Dean Argiris said.

  • Gurnee OKs $5.8 million in tax breaks for AKHAN to move Jan 27, 2015 5:36 AM
    Gurnee village board members have approved a multimillion-dollar tax incentive package for a technology company to relocate in a business park near the Tri-State Tollway. Village board trustees Monday night voted 6-0 in favor of what will be a combined $5.8 million in performance-based state and local tax breaks for AKHAN Semiconductor Inc. Village board members and about 25 spectators stood and applauded after the vote.

  • Mexican restaurant opening in Randhurst Village in March Jan 23, 2015 7:10 PM
    A new Mexican restaurant is moving into Randhurst Village, right next to the AMC Theaters. On Tuesday, the Mount Prospect village board approved a liquor license for Truco, a taqueria and margarita bar at 211 Randhurst Village Drive. The target date for opening is sometime in March.

  • Schaumburg lowers fee for medical pot dispensary Jan 22, 2015 1:23 PM
    Schaumburg officials have reduced their recommended annual impact fee for a medical marijuana dispensary from $100,000 to $37,752. The new recommendation, to be voted on Tuesday, assumes one police call and one paramedic call per week.

  • Des Plaines aldermen unanimously reject plan for 62 townhouses Jan 22, 2015 5:30 AM
    Citing parking concerns and a desire for retail, Des Plaines aldermen have unanimously rejected plans for a 62-unit townhouse development near downtown. “This is a bad project, shouldn’t be built, (and) doesn’t belong downtown. I don’t know how it got this far,” Alderman Jim Brookman said.

  • Gino’s East opening in South Barrington this week Jan 22, 2015 4:04 PM
    The new Gino’s East restaurant sharing space at Millrose Restaurant Banquets & Country Store at 45 S. Barrington Road in South Barrington will have a low-key soft opening Saturday and Sunday, Jan. 24 and 25, ahead of its official grand opening, Wednesday, Jan. 28. The 21-year-old Millrose is making space for the famous deep dish pizza restaurant in its Rosewood Room and lounge area.

  • Mt. Prospect considers demolishing troubled plaza Jan 22, 2015 5:02 PM
    Mount Prospect officials have secured the legal right to demolish Central Plaza, the nearly vacant shopping center at Central Road and Main Street in the downtown area. The village has been trying to identify the owner of the property, which has changed hands a number of times over the years, in order to discuss redevelopment options. But no owner has come forward.

  • Movie theaters coming back to Oakbrook Center Jan 21, 2015 7:33 AM
    Nearly a dozen years after Oakbrook Center’s last movie theater closed, first-run films are returning to the Oak Brook mall. Oak Brook trustees have given their blessing for a more than $50 million plan to build a 12-screen luxury movie theater with indoor parking at the mall. The mall’s owners are also planning a new restaurant and casual dining area. “This will be a tremendous investment in the future of Oakbrook Center,” Village President Gopal Lalmalani said.

  • Woodfield Mall reveals new interior look to take shape in 2015 Jan 21, 2015 5:33 AM
    Woodfield Mall officials Tuesday morning revealed details and renderings of their planned $13.9 million renovation expected to begin almost immediately. Among the major aspects of the “design enhancement” are the removal of brick features that date back to the Schaumburg shopping center's 1971 beginnings.

  • Would-be medical marijuana dispensary eyes Bartlett industrial site Jan 20, 2015 11:25 PM
    What could be a suburban chain of medical marijuana retailers has already starting leasing a storefront in Bartlett, its CEO says. The businessmen behind Suburban Wellness LLC have made a risky bet, locking in the 1,490-square-foot space, before knowing whether they can even open their doors and sell the drug.

  • Rosemont agrees to loan 2 TIF districts money Jan 18, 2015 4:39 PM
    Rosemont is loaning money from its general village fund to a pair of tax increment financing district funds, but plans to pay it back once redevelopment occurs. The village board last week agreed to loan $10 million from the general fund to the fund of TIF 7, established last February in an effort to spur redevelopment northwest of the intersection of Higgins and Mannheim roads.

  • Arlington Hts. country club selling to national chain Jan 16, 2015 8:46 PM
    After 90 years as a private club, Rolling Green Country Club in Arlington Heights is being sold to ClubCorp, a national country club group that may bring upgraded amenities and much lower prices. “The market has shifted for country clubs,” a spokesman said. “For the kinds of facilities and amenities that customers are looking for today, private clubs struggle to deliver that at a price point that’s affordable.”

  • Zoning change would allow motorcycle dealer in downtown Libertyville Jan 15, 2015 5:01 PM
    Libertyville long has been known for its auto dealers, but now interest has arisen in locating an upscale motorcycle dealership in the heart of downtown. A village panel has recommended a zoning change that would clear the way for it to happen.

  • DuPage County towns join forces to fill Dominick’s vacancies Jan 14, 2015 2:47 PM
    Six DuPage County communities are working together to fill large retail vacancies they’ve been dealing with for more than a year — the grocery stores formerly occupied by Dominick’s. Bartlett, Bensenville, Glen Ellyn, Naperville, Wheaton and Woodridge are combining forces to recruit potential new grocers or other large retailers. “By combining our resources, we can offer conveniently the information needed for their market assessment," said Jason Zawila, a planner who coordinates economic development efforts for the village of Woodridge.

  • Mt. Prospect mayor: People want experiences not stuff Jan 14, 2015 7:32 PM
    Mount Prospect Mayor Arlene Juracek believes that as more people do their shopping online, "experiential" businesses like restaurants will play a bigger role in the downtown area and other commercial spots.

  • St. Charles creating grant program to lure business downtown Jan 13, 2015 6:48 AM
    A new plan would grant would-be St. Charles businesses up to $25,000 to fund building infrastructure improvements if such costs prove an impediment to opening shop in the city's downtown. Aldermen gave a tentative OK Monday and added taverns to the list of elgible businesses. “What we're looking at is the core of downtown, where retail focus would be,” the city's Matthew O'Rourke said.

  • Wheeling backs medical marijuana dispensary Jan 13, 2015 4:58 PM
    Wheeling trustees will allow a medical marijuana dispensary to move into a vacant building on Foster Avenue - if the retailer gets one of the state's new licenses. And that’s a big if, officials say. Under the most restrictive rules in the country, Illinois will only one dispensary in Maine and Wheeling townships.

  • New grocers, restaurants on tap in Schaumburg Jan 13, 2015 12:22 PM
    Woodfield Mall and Streets of Woodfield are far from the only shopping areas in Schaumburg being revitalized in 2015, Mayor Al Larson told the village’s business community Tuesday during his annual State of the Village address. New tenants are expected to instill fresh energy at the Town Square development at Schaumburg and Roselle roads, as well as at the Woodfield Village Green shopping center just north of Woodfield on Golf Road, Larson told members of the Schaumburg Business Association.

  • Decision nears on Lisle apartment complex proposal Jan 12, 2015 4:41 PM
    Lisle trustees are expected to take a final vote in two to three months on a plan to build an apartment and retail complex on the former village hall site at Main Street and Burlington Avenue. “We like the project,” Mayor Joseph Broda said. “It’s something that we really need for the downtown area.”

  • Analysts: Woodfield makeover may keep mall strong Jan 11, 2015 7:38 AM
    Woodfield Mall's common areas will be getting a $13.9 million makeover this year, which industry analysts believe to be an example of the effort required for even successful shopping centers to remain relevant in a new age. “They have to recognize that the audience is constantly changing,” said Dave Aron, associate professor of marketing at Dominican University in River Forest.

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