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Chicago MarketWatch, Week Ending October 30, 2009

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Metro jobless rates fall as more workers quit looking
Wednesday, October 28, 2009

The unemployment rate fell in September in most metro areas, although that’s largely because more people gave up on job searches than found new work. “The job market is not recovering at all yet,” said Jim Diffley, regional economist for IHS Global Insight. “We’re looking at another jobless recovery.” The September unemployment rate fell in 223 of 380 metro areas, or about 59 …

Double-digit property tax increases in city, Cook County suburbs
Tuesday, October 27, 2009

Most Cook County residents are in for another round of sticker shock when new property tax bills arrive in the mail in a few days, with the median increase in many suburbs …

Home sales rise 9.4 pct in Sept., beats forecast
Friday ,October 23, 2009

Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. Sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of …

Home prices in Chicago rose 1.7 percent
Wednesday, October 28, 2009

Home prices in the Chicago metropolitan area rose 1.7 percent in August from June, and while over the year prices dropped 12.7 percent, that was an improvement over July’s 14.2 percent annual decline, the latest Standard & Poor’s Case Shiller report showed. The report revealed improvements in the housing market …

U. of C. turning cherished garden into construction site
Sunday, October 25, 2009

Sure, it looks a little scraggly at this time of year, but poke around amid the curling brown leaves and the shriveling tomato vines, and you’ll find carrots, beets and turnips that are almost ready to be harvested. “This is the kind of thing that people are hungry for in city living,” Jack …

Meijer wants rebate for Orland Park store
Wednesday, October 28, 2009

Orland Park officials want to make sure Meijer is committed to opening in the village before they’ll entertain the retailer’s request for tax incentives. Citing concerns that Meijer has not opened three planned new stores in Frankfort , Mokena and New Lenox, Karie Friling, Orland Park ’s director of development services, said the village discussed with Meijer the importance of an opening date. …

Wrigley neighbors: Clark project too tall
Friday, October 23, 2009

Lake View community groups are lining up against a plan to construct a hotel, retail and residential complex across from Wrigley Field featuring a building so tall they fear it would set a precedent and destroy the residential character of their neighborhood. If M&R Development is allowed to build a project at Addison and Clark that rises to 91 feet at its tallest point, that could pave the way …

Warner Tool & Die building razed in Cary
Friday, October 23, 2009

Cary officials are excited about the possibilities a soon-to-be vacant five-acre parcel can offer the town. Demolition on the Bartlett Manufacturing Company began two weeks ago on North First Street . Once that’s finished, owner Doug Bartlett will prepare the land for future redevelopment possibilities. That process is expected to conclude in the spring, Mayor Tom Kierna said. The original …

Mundelein has plenty of projects in the works
Tuesday ,October 27, 2009

As part of an ongoing project, the Daily Herald asked local business and village leaders about what kind of economic development projects were on the way in their communities. Here are the answers from Mundelein Director of Planning and Development Victor Barrera. Q. How do you go about supporting business development in your community? A. In order to foster and support business opportunities in …

End in sight to Chicago-Bensenville O’Hare feud?
Wednesday, October 28, 2009

After years of extensive litigation, the city of Bensenville and the City of Chicago are near an agreement for expansion plans to O’Hare International Airport. The agreement calls for the razing of 600 homes and businesses in…

First building demolished at Michael Reese; more still to be destroyed
Wednesday, October 28, 2009

In an act sure to live in infamy, city-hired contractors are tearing down the first of the buildings co-designed by Walter Gropius at the …

Sony Music Distribution Renews in Bolingbrook
Tuesday, October 27, 2009

Sony Music extended its lease of the industrial building at 430 Gibraltar Drive in Bolingbrook , IL . The music giant, which uses the facility as a distribution center, signed for another five years. The 281,500-square-foot building was built in 2000 as part of the Corporate Crossing Business Park , near the crossroads of I-55 and I-355. Features include 30-foot ceilings and and 22 loading docks. …

Madden Communications Re-Ups in Bloomingdale
Tuesday, October 27, 2009

Madden Communications renewed its 197,000-square-foot lease at 355 Longview Drive in Bloomingdale , IL . TA Associates Realty signed the in-store marketing and point-of-purchase (POP) company to a five-year term. The 271,680-square-foot warehouse building delivered in 1999 in the Klein Creek Industrial Park . The facility features 30 loading docks and a 30-foot clear height. Jason West and Sean …

Wells Fargo Closes $85M in Loans for Apartments
Thursday, October 29, 2009

In two different portfolio transactions, Wells Fargo has closed $85.3 million in Freddie Mac loans. The money will refinance eight apartment facilities in the Chicago area. “We worked in concert with Freddie Mac and the borrower to structure the pool to provide as much prepayment flexibility as possible, while still keeping the initial note rate under 4%. Freddie Mac performed masterfully …

Demar Logistics Expands with 90,733-SF Lease
Thursday, October 29, 2009

Demar Logistics, a third party logistics and transportation-focused company, has taken 90,733 square feet of warehouse space. The lease expands the company’s presence in the market, where it already occupies 201,090 square feet. The new lease, at 910 Kimberly Dr. , will give the Carol Stream , IL-based company additional access to I-355. The facility has 30 foot-clear ceilings and …

Chicago Is Tops for Seniors Housing Development
Tuesday, October 27, 2009

The Chicago metro area leads the nation in the number of seniors housing units under construction, and even more product is set to come online as developers have plans for several large projects…

Daley: Don’t punish BofA for moving to foreclose on Block 37
Wednesday, October 28, 2009

City Hall Mayor Daley today called a halt to efforts by his lifelong rival, Ald. Edward M. Burke (14th), to use city business as a lever to punish Bank of America for moving to foreclose on downtown’s Block 37. Daley has summoned Bank of America bosses to his City Hall office to explain the foreclosure …

Westmont bank fails, closed by state and U.S. regulators
Friday, October 23, 2009

First DuPage Bank of Westmont was closed Friday by state and U.S. regulators. First Midwest Bank of Itasca will assume all of the deposits in a loss-sharing deal with the Federal Deposit Insurance Corp. The sole branch of First Dupage will reopen Saturday as a First Midwest Bank branch. First Dupage had …

South Side projects at risk
Wednesday, October 28, 2009

Two developments hang on whether feds take over FBOP Corp. A possible federal takeover of Oak Park-based FBOP Corp., a bank holding company, raises doubts about the future of two South Side development projects. FBOP, controlled by billionaire Michael Kelly, is under orders from federal regulators to raise capital to bolster the eight-bank holding …

Greener tires get start in Chicago Heights
Friday, October 23, 2009

Rhodia’s silica part of the wheel deal to build a greener tire, some manufacturers are relying on a Chicago Heights factory that every year churns out tons of what vaguely resembles powdered sugar. It’s actually precipitated silica, and French chemical company Rhodia ships it to tiremakers, including Goodyear and Michelin. Used as a filler …

Costco wants to build store on Kiddieland site
Wednesday, October 28, 2009

An executive of Costco says the discount membership club wants to buy the former Kiddieland site in Melrose Park and open a store there. Dick DiCerchio, senior executive vice president and chief operating officer of Costco, says “the plans are to go forward” to purchase the property at North and First avenues. “We are interested and have filed a letter of intent with the …