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Articles filed under Commercial Real Estate

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  • Menards gets final approval in Vernon Hills Jul 23, 2014 4:40 PM
    After nine months of review and several changes, a proposed two-story Menards home improvement center at Milwaukee Avenue and Gregg's Parkway in Vernon Hills has received official approval from the village. The final change requires the store's facade to be biege rather than the corporate green.

     
  • Deal reached to save Town Center in Wheeling Jul 22, 2014 2:24 PM
    An agreement announced Monday between Wheeling and four other governing bodies apparently will save the $150 million Town Center planned for the site that once held Wickes Furniture.

     
  • Round Lake Beach approves Meijer plan for Mallard Creek shopping center Jul 19, 2014 7:30 AM
    Round Lake Beach officials this week approved a development agreement for a proposed Meijer superstore and related uses at the Mallard Creek shopping center. Long vacant Walmart and Dominick's stores would be demolished as part of the proposed revamp of the old shopping area. "It's a big step," said Jon Wildenberg, director of economic development.

     
  • Downtown Mt. Prospect fire not labeled arson so far, chief says Jul 18, 2014 4:50 PM
    Though an Illinois State Fire Marshal’s report classifies a February fire that destroyed a prominent building in downtown Mount Prospect as “incendiary in nature,” Mount Prospect Fire Chief John Malcolm said neither the terms “arson” nor “suspicious” have yet been applied to the ongoing investigation of the blaze.

     
  • Officials: Mariano's looking to build in Des Plaines Jul 18, 2014 5:13 AM
    The ever-growing Mariano's grocery store chain is looking to open a new location on the northeast corner of Golf and Mount Prospect roads in Des Plaines, officials confirmed Thursday. "We're trying to get some of the fine print ironed out,” said Alderman Mark Walsten, chairman of the city council's community development committee. "I'm not going to say they're going to be breaking ground tomorrow."

     
  • Company offers $23 million for Maryville hospital in Des Plaines Jul 18, 2014 6:25 PM
    A New York-based for-profit behavioral health care firm is offering $23 million to purchase the Maryville Behavioral Health Hospital in Des Plaines. “Maryville (hospital) is kind of an interesting place in that it seems to have a lot of potential,” said Richard Kresch, who runs 2014 Health LLC. He's planning to find more clients for the money-losing hospital to make it profitable.

     
  • Gallagher could get $30 million for Rolling Meadows move Jul 18, 2014 7:56 AM
    Insurance broker Arthur J. Gallagher & Co. will get up to $30 million from a tax increment financing district that lasts 15 years rather than the standard 23, but other details of the company's planned move back to Rolling Meadows remain under negotiation.

     
  • Development efforts continue at Rosemont intersection Jul 17, 2014 5:29 AM
    Some economic development efforts are underway while others have stalled near a key intersection in Rosemont. Here's an update on what's happening at three key locations within a newly established tax increment financing district.

     
  • Mount Prospect OKs shopping center expansion Jul 17, 2014 5:01 AM
    Mount Prospect trustees this week gave the new owners of village’s second largest shopping center approval to get even bigger, but some of the center’s neighbors are not thrilled at the prospect of an expansion. The decision will allow Farmington Hills, Michigan-based Ramco-Gershenson Properties to build two new outlots at Mount Prospect Plaza, adding almost 12,000 square feet of retail space to the shopping center near Central and Rand roads.

     
  • Palatine OKs controversial parking lot expansion Jul 16, 2014 6:15 PM
    The Palatine village council this week gave the owners of a strip mall on Palatine Road permission to turn land intended to serve as a buffer between the stores and the adjacent neighborhood into a parking lot, despite the protests of some residents. Representatives from Inverness Cleaners Plaza strip mall, which includes Inverness Cleaners and Tailors and four other stores in the 700 block of West Palatine Road, told the council they need the additional parking to satisfy customer demand.

     
  • Palatine council votes to move forward with old Menards sale Jul 15, 2014 11:19 AM
    The Palatine village council voted Monday to task a developer with selling the old Menards store at 1775 N. Rand Road, a property which has been owned by the village since 2009. First Rockford Group Inc. would have one year to find a buyer interested in the large property. If they were successful in locating a buyer, First Rockford would purchase the property from the village.

     
  • Geneva council hears pitch for apartments at Cetron site Jul 15, 2014 5:18 AM
    The crumbing Cetron factory in downtown Geneva could be replaced by 200 apartments, plus shops and restaurants, under a proposal presented to the Geneva City Council. Marquette Cos. of Naperville wants to tear down the factory to build a five-story building at Seventh and State streets. “Really the main point is creating that pedestrian environment and engaging the street (State),” said Jeff Prosapio, of Marquette Cos.

     
  • Schaumburg wary of LED signs at Streets of Woodfield Jul 15, 2014 10:56 PM
    Updates to the appearance of Schaumburg’s Streets of Woodfield shopping center are likely on their way this year, but village trustees still need more convincing about two specific aspects of the planned changes. Though they voted 5-0 Tuesday to recommend approval of most of the center’s hoped-for improvements, trustees want to do more research on requests for two 400-square-foot LED signs on the north side of the parking garage as well as the increased number of ground signs for individual stores.

     
  • Why Schaumburg, Hoffman Estates struggle to land hardware stores Jul 14, 2014 5:00 AM
    With their combined population of more than 125,000 and central location in the Northwest suburbs, Schaumburg and Hoffman Estates have attracted a variety of auto dealerships, high-end stores and restaurants, and the headquarters of major corporations like Sears and Motorola. But both are currently begging for even one neighborhood hardware store to serve their residents.

     
  • Streamwood backs property tax breaks for local manufacturers Jul 14, 2014 10:41 AM
    Three Streamwood manufacturers are urging Cook County to extend their property tax breaks for another 12 years. The breaks, backed by Streamwood village officials, would cut the businesses' property taxes in half over the next decade, then offer smaller breaks the following two years.

     
  • Arlington Hts. TIF is a death sentence Jul 14, 2014 5:01 AM
    Letter to the editor: Writer Karen Linn says the Hickory-Kensington TIF approved by the Arlington Heights village board last week shows the board isn't interested in preserving small businesses here.

     
  • Future of Mt. Prospect 'triangle' still an open question Jul 10, 2014 10:49 AM
    The question of what to do with the “small triangle” area in downtown Mount Prospect may be rekindled once the village and local business owner Tod Curtis finalize a settlement of their six-year legal battle. The dispute was sparked by the village's efforts to redevelop the triangle area back in 2008.

     
  • Editorial: Be careful about redesigning TIFs Jul 9, 2014 9:11 AM
    A Daily Herald editorial says it's great that Wheeling is moving ahead with its Town Center plan, but less exciting is the precedent it is setting -- the potential never-ending tax increment financing district.

     
  • Renovations continue at Rosemont convention center Jul 9, 2014 6:21 PM
    A renovation project at the Donald E. Stephens Convention Center in Rosemont could cost as much as $5.6 million, officials said Wednesday. But it’s possible that number could be negotiated down, said Mayor Brad Stephens.

     
  • Wauconda Dominick's site primed for new tenant Jul 9, 2014 5:11 AM
    A long-vacant supermarket building on Wauconda's west side could be a great location for an independent grocery store, a village-hired consultant said Tuesday. A store selling arts-and-crafts supplies, books, electronics or home-improvement stuff also could be a good fit for the former Dominick's Finer Foods at 600 W. Liberty St., Mike Mallon told Wauconda's economic development committee.

     
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