Articles filed under Commercial Real Estate

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  • Using drones to sell land and homes from the air Feb 15, 2015 7:33 AM
    Douglas Trudeau waited 177 days for the Federal Aviation Administration’s permission to fly his $1,300 drone. Last month, Trudeau became the nation’s first agent to receive an exemption under the FAA’s rules, a move that will allow him to capture the sweeping mountain views and scenic vistas around his Tucson clients’ homes, as long as he meets the agency’s 33 restrictions, including having a licensed pilot operate the drone and applying for a certificate of authorization before every flight.

     
  • Rosemont board gives mayor more power over leases Feb 12, 2015 1:00 AM
    Rosemont’s village board Wednesday adopted a policy enabling Mayor Brad Stephens to extend lease agreements of village properties for up to five years without trustees’ oversight. The ordinance could allow him to sign off on deals with tenants such as DePaul University’s basketball team or the Chicago Wolves.

     
  • Elk Grove Village selling vacant building to printer Feb 11, 2015 5:35 AM
    Elk Grove Village is selling a vacant building once used as a temporary police station because officials say they have no foreseeable need for the property.

     
  • Family to buy downtown Long Grove land for $1 million Feb 11, 2015 5:30 AM
    The Forsythe family, led by an executive in the energy industry, will pay the village of Long Grove $1 million for four vacant properties downtown, a deal that would end about a six-year search for a buyer and could bring new construction intended to expand the retail footprint of the historic district. "It’s great for the whole town that we’ve got properties turning over, changing hands and interest," Village President Angie Underwood said.

     
  • Palatine leaders seeing signs of business recovery Feb 10, 2015 7:19 PM
    Palatine business and village leaders said there are signs of recovery among businesses in Palatine, despite several large sites that remain unused. Mayor Jim Schwantz said there have been talks about new businesses going into those locations. “I’m excited about the things on the horizon,” Schwantz said. “But I’ve been excited before and things haven’t happened.”

     
  • Lincolnshire Barnes & Noble could close this year, officials say Feb 9, 2015 9:32 PM
    One of Lincolnshire’s more prominent retailers could be replaced this year by a medical clinic, village officials said Monday. The owners of the Lincolnshire Commons shopping center at Milwaukee Avenue and Aptakisic Road are discussing ending the lease for the Barnes & Noble bookstore in the plaza and renting the building to NorthShore University HealthSystem, Village Manager Brad Burke told the Daily Herald.

     
  • Neighbors, executive airport leaders spar over study Feb 9, 2015 5:30 AM
    A possible expansion of Chicago Exectuive Airport's main runway already has galvanized neighbors who fear the project would bring more noise and level homes. "It’s something that really touched a nerve with the residents," says Laurel Didier, a member of an opposition group. "They need to know that we’re reasonable and we’re not looking to make trouble, but no one wants an airport runway extension."

     
  • Coffee shop-looking cafe casinos taking hold in suburbs Feb 9, 2015 5:35 AM
    The birth of video gambling in Illinois two years ago also spawned "cafe casinos" that have the look and feel of a coffee shop, but represent a growing share of the gambling income in the state. The quaint-looking venues with names like Dotty's and Betty's are a big business taking hold in the suburbs.

     
  • 50 Chicago area Radio Shack stores closing Feb 7, 2015 6:37 PM
    About 50 Radio Shack stores in the Chicago area began going out of business sales Friday after the company’s bankruptcy filing. “I came here to get a battery for my telephone,” David Glass of Des Plaines said Saturday outside the Radio Shack store on Lee Street in that city.

     
  • Long Grove trustee hopefuls debate role in revitalizing downtown Feb 5, 2015 5:30 AM
    Six candidates for three seats on the Long Grove village board agree the downtown is far from the popular shopping and tourist destination it used to be. But they disagree on how the village can solve the problem. "The downtown was Long Grove, and it's an embarrassment to hear people talk about how it looks right now," said Bill Jacob, who is running on one of two slates in the April election.

     
  • Palatine, state at odds over medical marijuana dispensary Feb 6, 2015 5:55 AM
    The state this week granted a downstate company a license to operate a medical marijuana dispensary in Palatine, almost two months after village leaders rejected the proposal. The conflict raises questions about what happens when the state and a municipality disagree on the suitability of a medical marijuana business.

     
  • Sign package last detail for Vernon Hills mall renovation Feb 5, 2015 5:30 AM
    Vernon Hills trustees have given final approvals for an ongoing $50 million expansion and renovation at Westfield Hawthorn shopping center. The sign package is expected to be brighter, bolder and provide more information,Village Manager John Kalmar said.

     
  • Des Plaines seeks developer for vacant Mannheim-Higgins parcel Feb 3, 2015 4:23 PM
    Des Plaines officials on Tuesday formally issued a request for proposals in hopes of developing a long-vacant, city-owned property at Mannheim and Higgins roads. “The city views the site as ideal for potential retail, entertainment, restaurant, or airport-oriented uses due to its highly desirable location,” said Lauren Pruss, the city’s economic development coordinator.

     
  • O’Hare Paintball moving from Bensenville to Palatine Feb 3, 2015 5:30 AM
    The Palatine village council approved a plan to allow a Bensenville-based paintball company to open an indoor facility in the village and could allow an outdoor course provided that it passes a noise test this summer. “It is not as loud as people are assuming it is going to be, so I feel perfectly fine about what happened tonight,” the owner said.

     
  • Mount Prospect expecting year of change in economic landscape Feb 3, 2015 8:51 AM
    The year ahead could bring about some significant changes to Mount Prospect’s economic landscape, especially in the community’s downtown and at its primary economic engine, Randhurst Village, according to the village’s development director. The demolition of a downtown eyesore and the renewal of two sites hit by catastrophe in the previous 16 months also are on tap.

     
  • Not everyone supports Lakemoor business plan Feb 1, 2015 8:08 AM
    Lakemoor is proceeding with plans to establish two special taxing districts. However, not all taxing bodies in the area are on board.

     
  • Once ubiquitous, parking garages fall to the wrecking ball Feb 1, 2015 7:42 AM
    When they were built, parking garages were supposed to help save downtowns from being eclipsed by suburban developments. But decades after cities tore down buildings and replaced them with parking structures, communities across the country are demolishing the garages. In their place, they’re putting up buildings again, confident that lively offices, hotels and housing will draw more people.

     
  • Gateway signs to adorn Elk Grove Village business park Jan 29, 2015 5:48 PM
    Elk Grove Village’s business park is due to receive eight gateway signs at the entrance to its business park beginning this fall.

     
  • Schaumburg sets renewal policy for tax break Jan 28, 2015 1:53 PM
    Schaumburg trustees have approved specific criteria to consider the growing number of renewal requests for Cook County’s Class 6B property tax incentive for industrial businesses. These require a demonstration of significant employment and business growth, substantial capital improvement, ongoing community involvement and the need for another 12 years of reduced taxes.

     
  • Elk Grove officials want new group to focus on business park Jan 28, 2015 5:30 PM
    Elk Grove Village plans to disband its industrial and revitalization commission and replace it with a new group that officials hope will accelerate revitalization efforts in the village’s sprawling business park. The new group would include more owners of businesses in the park, officials say.

     
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