The Biz Week That Was: New housing projects in the works, popular ice cream brand comes to suburbs
Nearly 300 more apartments planned for Naperville’s CityGate Centre campus
Naperville’s CityGate Centre campus has developed over the years with a mix of offices, restaurants, the boutique Hotel Arista and 285 high-end apartments. As noted in a study on the future of the I-88 business corridor, the Domain CityGate residential complex was “quickly absorbed and now has a vacancy rate of less than 5%.” Developer Willow Bridge, formerly the residential division of Lincoln Property Co., now wants to add nearly 300 more upscale apartments to CityGate Centre. The planned four-story building — surrounding a five-story parking garage — is designed to appeal to young professionals, remote workers and 55-plus adults.
Hoffman Estates board won’t consider rezoning for potential data center Monday
A proposed rezoning of the 186-acre Plum Farms property in Hoffman Estates that could pave the way for a data center development will not appear on the agenda of Monday’s village board meeting.
US jobless aid filings rise to 229,000 last week, remain historically low despite Iran war headwinds
U.S. applications for jobless aid rose modestly last week, but remain at a historically low level despite economic headwinds brought on by the war in Iran. The number of Americans filing for unemployment aid for the week ending June 6 rose by 4,000 to 229,000, the Labor Department reported Thursday.
Despite starts and stops, downtown Arlington Heights apartment project could soon break ground
Developers of a planned six-story, 135-unit apartment building with a ground-floor restaurant in downtown Arlington Heights are facing a year-end deadline to get shovels in the ground — three years after receiving zoning approvals. But they expressed confidence they will hit that village-imposed cutoff by beginning teardown of two long-vacant office buildings in August. The stalled transit-oriented development, to be called Mylo Arlington Heights, has been in the works for years at 116-120 W. Eastman St.
Popular ice cream brand founded in Ohio coming to the suburbs
A much-loved ice cream brand founded in Ohio is heading to the suburbs. Handel’s Homemade Ice Cream parlors are slated for Algonquin, Elgin and Geneva/St. Charles, with the first location expected to open in late 2027. The brand, known for massive portions and making its ice cream on-site at each parlor, was founded in 1945. The company now has more than 170 locations.
Iran war is the worst hit to the global economy since COVID, World Bank says
The global economy — tested by years of war, pandemic and trade tension — is beginning to fray, as fallout from the U.S.-led war on Iran dents prospects for growth, the World Bank said in a new forecast. World output this year is expected to grow at an annual rate of just 2.5%, down from 2.9% in each of the past two years, and the slowest pace since the onset of the COVID pandemic in 2020, the bank’s top economists said.
M/I Homes proposes townhouses on Naperville site once slated for hockey arena
M/I Homes last month announced it had acquired land for its “Everly Trace” townhouses, the third residential development the builder has brought to Naperville in under a year. Now M/I Homes has proposed another, larger townhouse neighborhood, this one on a largely vacant site east of the Monarch Landing senior living campus. The roughly 25-acre-property is at the northwest corner of Ferry Road and Corporate Lane near the I-88 and Route 59 interchange. It was previously slated to be developed with two indoor hockey rinks and a restaurant.