Chicago Cheat Sheet: Developer pleads not guilty to bribing Alderman Burke…& more

Developer ensnared in Burke corruption enters plea

Developer Charles Cui pleaded not guilty Thursday to bribing Alderman Ed Burke (14th). Cui is accused of giving Burke’s private law firm property tax appeals work in exchange for help with a city sign permit and a tax increment financing district for a Northwest Side project. Burke, meanwhile, remains charged with extortion for trying to pry property tax work from a South Side Burger King owner in exchange for a driveway permit. Prosecutors have until May 3 to indict the 50-year alderman. [Chicago Sun-Times]

Nonprofit developer expands Chicago portfolio with YMCA building deal

A Boston-based nonprofit developer bought six senior housing buildings around the Chicago area for $24 million from the YMCA of Metro Chicago. The agency sold the buildings on the South Side of Chicago and in suburban Harvey to Preservation of Affordable Housing but plans to hold on to its affordable housing buildings on the North Side. Preservation of Affordable Housing has about 1,200 apartments in the Chicago area, and plans to close on about 400 more in the next couple of months. [Crain’s]

Homebuilder plans sprawling “active lifestyle” community

K. Hovnanian Homes wants to convert the former golf course at Indian Lakes Resort in Bloomingdale into an “active lifestyle” community for residents 55 and older. The developer’s Four Seasons at Indian Lakes would feature 535 houses, a clubhouse, 70 acres of open space and more. The resort owner closed the 27-hole course and a conference center in 2016 but kept the hotel. It has plans to eventually develop the remaining 36 acres of the property into a mixed-use project with the hotel, restaurants, retail and office space. [Daily Herald] 

Little change in suburban office vacancy in Q1

The suburban office vacancy remained virtually unchanged in the first quarter, according to a new report from JLL. The overall rate in the suburbs was 23 percent in the first quarter, a slight dip from 23.3 percent at the end of 2018. The improvement came from an uptick in demand, rather than the fourth quarter’s reduction in supply, according to the report. It marked just the second quarter since 2016 with positive absorption. [Crain’s]

Congregation has big plans for vacant Vernon Hills building

The Anshe Tikvah congregation plans to redevelop a long-vacant building on Milwaukee Avenue in Vernon Hills. It will be converted into a synagogue, substance abuse recovery home, pastoral counseling center and kosher commercial kitchen. The congregation’s overhaul of the former Forge Club south of Corporate Woods Parkway would include a 3,700-square-foot addition that would seat 250 people for worship services, religious education and events. [Daily Herald]