Results tagged “realestate”

Weber-Stephen Products Co., which manufactures all of their charcoal grills, as well as the Summit, Genesis and On-the-Go lines in Palatine, has signed a long-term lease on a nearly 250,000-square-foot building in Elgin, Crain's is reporting. Weber plans to expand its local distribution operations, and the site's proximity to I-55, as well as the option to take occupancy quickly were key parts of the deal. No word on how many jobs this will mean for the Chicago metro area, but with consumer spending still lagging and manufacturing taking a beating these days, expansion of a business that manufactures at least some of its product locally is good news for Illinois.

According to a report that compared the responses of six metropolitan areas to the foreclosure crisis, Chicago was among one of the "more resilient metros in the study." The report summarized in Chi Town Daily News, classified Chicago as a "mixed-market metro" meaning it has both weak and strong real-estate markets, and attributes Chicago's ability to bounce back to "regulations against predatory lending, a generous amount of time between foreclosure filings and sales, and collaboration between private and public organizations in Chicago helped prevent thousands of residents from losing their homes."

On Wednesday, the city's 2016 Olympic bid committee, issued a statement saying that they would all feel a lot better if Michael Scott had just been more upfront about his involvement in plans to redevelop a parcel of land near Douglas Park, the proposed site for an Olympic cycling venue. "It would have been preferable if Mr. Scott had disclosed this situation so that the matter could have been vetted by the Chicago 2016 Audit Committee and any perception of conflict could have been avoided," the statement from Chicago 2016 said. It added that Scott also "intends to submit a revised conflict of interest statement outlining his role with the proposed development and affirming that he has had no financial gain from the project and intends to accelerate his separation as agent for the group."

File this under color us surprised: Chicago's 2016 bid committee has determined that Michael Scott, Mayor Daley's President of the Chicago Board of Education, has no conflict of interest in developing a piece of city-owned real estate across from Douglas Park. Scott was served a federal subpoena earlier this month over his alleged role in clouted admissions to elite public schools. He's also part of the mayor's team working to bring the Olympics to Chicago. The Tribune published an investigation last week into Scott's role in redeveloping a parcel of land near a proposed Olympic cycling venue.

The sale of convicted felon Tony Rezko's North Shore mansion at auction was supposed to happen yesterday, but the sale was postponed until August 17. Rezko has exhausted his funds on legal fees and other costs. Bank of America won a foreclosure judgment on the home earlier this year after he defaulted on the nearly $6 million loan. There is just over $5 million still owed on the property. According to Crain's, several Wilmette real estate brokers believe the home could sell for between $3 and $4 million. “It’s a small market for homes that are in that upper bracket,” Sharon Freidman, a sales associate in the Winnetka South office of Coldwell Banker Residential Real Estate LLC told Crain's. “There aren’t that many people out there with a lot of money. The dot-commers have come and gone.” Maybe Yelp can buy it and have another Halloween bash, up in Wilmette this year.

Back in 1989 urban planners proposed a plan to develop the South Loop into an arts community that would provide fixed affordable housing for artists alongside studios, galleries, and performance spaces. At the time, a decline in manufacturing and warehousing business in the area north and west of the Chicago River had opened up an abundance of cheap loft space that seemed suited for working artists and galleries.

For just a cool $9,500/month, you can live the lifestyle of Vince Vaughn, who is now renting his River North townhouse, located at 446 West Superior Street. The actor, who turns 39 today, bought the property in 2005 for $1.45 million. He also owns a unit in the Palmolive Building.

We're having flashbacks to when Marshall Field's became Macy's or when Comiskey Park became U.S. Cellular Field. Forget about that proposed paint job. The Sears Tower, currently the tallest building in the U.S, is due to be renamed Willis Tower. London-based insurance broker Willis Group Holdings Ltd. is about to become the tower's largest tenant, taking over 140,000 square feet of space. And that means bragging rights. “Having our name associated with Chicago’s most iconic structure underscores our commitment to this great city, and recognizes Chicago’s importance as a major financial hub and international business center,” said Joseph J. Plumeri, the company's Chairman and Chief Executive Officer. They'll have about 500 employees working in the building when the move is complete.

Blaming the tanking real estate market and their bankruptcy-protection case, the Tribune Company has pulled the Tribune Tower off the market. Damn, and we almost had enough to make it the new Chicagoist HQ. The Trib Company had hired a broker to unload both the Tribune Tower and Times Mirror Square, the HQ for the LA Times, but with the economy spiraling further and further down the drain, the sales have been put on ice.

Could one of Chicago's most famous landmarks be getting a new wardrobe? The owners of the Sears Tower, which has soared over the city's skyline since 1973, have proposed a silver paint job for the iconic black tower. So why is silver suddenly the new black? Is the Sears Tower jealous of the attention the glimmering Trump Tower demands on account of the way it reflects the sun's rays?

As if they didn't have enough problems these days, the CTA is dealing with another: too much space. The CTA has added another floor to the space they're attempting to sale or lease at their building, located at 567 W. Lake Street. With the 11th and 12th floors of the building already on the market, the CTA has added the 10th floor, which has become available due to recent staff cuts; each floor is 35,000 square feet. While anyone can buy the space, potential renters are must be "other government agencies or qualified non-profit groups."

With a little more than a month before they were to shutter the windows and drop last call, Goose Island Beer Company has reached a deal with its landlord on a new lease, allowing the brewpub that started it all to stay open well past its proposed December 21 closing. Goose Island founder John Hall, in a press release, summed it up simply: "I could not be happier."

Architect Santiago Calatrava has stopped work on the Chicago Spire skyscraper and filed a lien against Dublin-based developer Shelbourne Development Ltd., claiming he's owed $11.34 million in work on the planned 2,000 foot tall building. [Cago Real Estate Daily]

Crain's is reporting that The Donald may be seeking a buyer for the first four floors of his 92-story Trump International Hotel & Tower. Trump has reportedly hired a broker to market the building's four-level retail space, and the asking price is believed to be somewhere between $115 and $130 million.

Throughout the month of September, you are cordially invited to spend your weekends touring fancy homes (the $900,000–$4,000,000 kind of fancy homes) during the fifth annual Chicago Luxury Home Tour. Presented by Midwest Home Chicago, 22 homes will be on display throughout the Chicagoland area. Think Hindsdale, Naperville, Glenview, not Gold Coast, Bucktown, Lincoln Park. It's a bit of driving around but after perusing the photo gallery (Hello, George Costanza-worthy Weilert Custom Homes bathroom, above) it might be worth devoting an entire day navigating around the suburbs. But if you're like us, you'll probably just get tired and end up hanging out at the refreshment stop, snacking on catered food and raspberry watermelon lemonade from the Viking Cooking School and Culinary Shop instead.

Block 37 is a black hole where money and plans go to die, and when you combine those forces with the CTA's money-guzzling abilities, well, it's the financial equivalent of a a shark riding on an elephant's back, just trampling and eating everything they see. Time to call City Hall for a bail-out.

Get ready for tonight's finale of with this sorta spoof, sorta recap.

Sorry, aspiring hoteliers looking for scuzzy property that gives you braincrabs if you think about it for too long: The Purple Hotel has been sold, and it's going to be demolished.

Two and a half years ago Rudy Acosta, founder and CEO of rap label Legion Records, petitioned for a zoning change that would allow him to build a 6,700 square foot mansion in Independence Park. If you’ve recently driven down the Kennedy Expressway and noticed a giant castle near the Addison exit, you can see his request was granted, making him the most unpopular man in the neighborhood before he even moved in. Residents in the neighborhood continue to be upset as they now discover there will be an 8-foot wall surrounding the mansion. Most of the complaints are because people don’t think Acosta’s home is appropriate for the area, which consists mostly of much older and smaller Dutch Colonial style houses. The rest of the concerns are because neighbors feel Acosta was allowed to build because of his tight relationship with a few members of City Hall’s zoning committee.

And it is true: both dailies are reporting that Goose Island will close down its flagship brewpub on Clybourn by the end of the year, after losing its lease.

With foreclosures on the rise, along with the ubiquitousness of television shows like Flip This House and Flipping Out, more and more people are showing up at real estate auctions trying to score a bargain and make a quick buck. And while veteran house flippers know that when you buy a home "as is" you're sure to find a few surprises like termites, water damage, or even a shitload of cats, we'll still bet that the new owners of a graystone in North Kenwood were shocked at their discovery -- a skeleton wearing a red tracksuit. The bones belonged to the home's owner, Randy Johnson, who neighbors say disappeared back in October, 2006.

While the talk around town has focused on the implications of Tony Rezko's indictment for Blagojevich, the national story has been how close he was to Obama.

where she will not only take on the role of executive producer but will also star as legendary singer Etta James. No word yet on when she will actually arrive, but we’re certain well know as soon as her private jet lands, as Beyonce buzz travels fast. The film will mainly be shot in New Jersey and Mississippi, but may shoot in Chicago for a few exteriors.

Unlike so many political figures in Chicago, Tony Rezko didn't come from a background steeped in ward politics and clout. In fact, after he finished his degrees at IIT, did what most new immigrants to Chicago do: he got a job.

It seems like everybody in town knows Tony Rezko's name. And why not? Besides being under federal indictment, he's a big player in Illinois politics. He's also gotten some national attention, with Former Gov. Jim Edgar musing that Rezko isn't really Obama's problem, and a photo of him with former President Bill Clinton surfacing on the Today show.

While the City Council was following up on the General Assembly's plan to "save" the CTA last week, 27th Ward Alderman Walter Burnett was advocating for minority businesses.

After the Trib ran a story about Wheeling's Amante Enad roasting pigs in his back yard in traditional Filipino fashion, the village issued him a citation barring the practice and asking him to fork over (hay-oh!) his roasting equipment. [Trib]

The sweetheart deal negotiated by the investors of Park Grill and the Park District has been covered before. But a good story is worth repeating, so we'll remind you, the taxpayer, what you're paying for at Park Grill:

Among all of the jockeying for Cook County State's Attorney and the sparks and drama of the presidential primaries, one of the more significant local races this primary season hasn't gotten nearly the attention that it deserves.