Chicago Cheat Sheet: Glenview shopping center sells at big loss…& more

Also, opponents of city tax increment financing for Sterling Bay’s Lincoln Yards projects try another legal maneuver

Jun.June 20, 2019 05:22 PM
Invesco CEO R. Scott Dennis and Glen Gate shopping center

Invesco CEO R. Scott Dennis and Glen Gate shopping center

Suburban shopping center sells at a loss
A Glenview shopping center anchored by a Mariano’s grocery store sold for 16 percent less than it did just four years ago. Dallas-based Invesco Real Estate paid $42 million to buy the 103,000-square-foot Glen Gate development at Waukegan and Golf roads from LaSalle Investment Management. LaSalle paid $50 million for the complex in August 2015. Mid-America Real Estate’s Joe Girardi and Ben Wineman brokered the sale for LaSalle. [Crain’s]

Lincoln Yards opponents ramping up fight
Opponents of public subsidies for Sterling Bay’s Lincoln Yards megadevelopment are asking a judge to block any city payments for the project while their lawsuit against it makes its way through the courts. The union-backed Grassroots Collaborative and the Raise Your Hand education advocacy group sued in April, seeking to stop a plan to give $1.3 billion in tax increment financing to Sterling Bay to pay for infrastructure improvements around Lincoln Yards. The groups’ motion is still pending in court. [Chicago Tribune]

Multifamily project approved at Deerfield shopping center
Deerfield village officials approved a plan to build 246 residences adjacent to the Deerbrook Shopping Center. REVA Development Partners and Gateway Fairview, which owns the center, plan 186 apartments and 60 townhouses on the southwest corner of Lake Cook and Waukegan roads. Some 60 percent of the apartments will be one-bedrooms, and the rest two-bedrooms. Eighteen townhomes will be two-bedrooms, and the rest three-bedrooms. [Deerfield Review]

DJ Khaled expands Miami soul food chain to West Side
DJ Khaled opened a location of his The Licking soul food chain at 5045 West Madison Street in Austin. The West Side location is the Miami resident’s first restaurant outside of Florida. The musician started The Licking in 2015 in Miami with plans to expand it to African-American communities with limited dining options in other cities. [Block Club]

Schaumburg won’t impose limits on renting out condos, townhomes
Schaumburg village officials rejected a plan to limit the number of units that can be rented out in condominium and townhouse developments. The proposal would not have affected units intended to be rentals but only multifamily developments meant to be owner-occupied. The village already allows condo and townhome associations to limit the number of rentals in their developments, and at least 15 currently do, officials said. [Daily Herald]

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