Trending
Chicago Cheat Sheet: Brookfield venture in line for subsidies on big resi project…& more
Also, City Council Zoning Committee chairman Cappleman officially wins re-election — finally
Brookfield’s mall redevelopment poised to receive tax rebates
Northbrook officials endorsed a new tax increment financing district to help fund a massive overhaul of Northbrook Court. Mall owner Brookfield Property Partners and residential developer Ryan Companies have proposed demolishing the Macy’s department store and replacing it with a 315-unit luxury apartment complex, grocery store, open space and new retail space. They are seeking $27 million in incentives, including $21.5 million in TIF funding and $5.5 million in sales tax rebates. The village plan commission is expected to take a final vote on the tax increment financing district on May 21. [Northbrook Star]
Alderman Cappleman — zoning chairman — officially wins re-election
The chairman of the City Council’s powerful Zoning Committee officially won re-election. Challenger Marianne Lalonde abandoned her recount push, five weeks after Alderman James Cappleman (46th) beat her by 25 votes in the April 2 election. After a discovery recount failed to narrow the gap enough to overturn the election, Lalonde said her campaign has no further legal action to pursue. [Block Club]
Downtown office landlords get more good news
The overall Downtown office vacancy rate dipped slightly in the first quarter, according to a new report from Colliers International. Vacancy was at 12.5 percent, down from 12.8 percent in the fourth quarter. Class-A vacancy dropped below 11 percent, down from nearly 11.7 percent last quarter. Overall, Downtown landlords reported about 329,000 square feet of positive net absorption during the quarter. [Bisnow]
Lennar cleared for Elmhurst multifamily project
Elmhurst officials approved Lennar’s plan to build an eight-story apartment tower on Addison Avenue. The developer plans a 213-unit building at 183-191 Addison, the current home of a medical office building and parking lot. Construction is expected to start by the end of the year. [The Doings]
CVS sheds 7 “underperforming” Chicago-area locations
CVS Health closed seven Chicago-area stores recently, part of a nationwide purge of 46 “underperforming” locations. The chain still has some 9,600 U.S. stores. CVS closed Chicago locations at 745 West 103rd Street, 175 West Jackson Boulevard, 1620 West 59th Street and 1550 North Kostner Avenue, plus stores at 7179 North Lincoln Avenue in Lincolnwood, 1015 West Orchard Road in North Aurora and 100 West Higgins Road in Barrington. [Daily Southtown]