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July 25, 2008
Forest City in the News
Crain's Chicago Business, Von Maur plans Joliet store, won't open in New Lenox
Von Maur has signed a letter of intent to open a store at a proposed mega-mall in Joliet, while the upscale department store chain has decided against a store at a proposed center in nearby New Lenox.
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The decision comes as a big blow for the Birches of New Lenox, a 1.1 million-square-foot mall proposed by Cleveland-based Forest City Enterprises Inc. Because of the slowdown in the retail and housing markets, the mall’s opening was already pushed back a year to 2011.A local developer working with Forest City on the project had said Von Maur had agreed to purchase its site there. But Mr. von Maur says the retailer never signed a letter of intent for the Birches project, and never had a binding contract there.
A Forest City spokeswoman and local executive didn’t return calls seeking comment.
Larchmont Gazette, Parking Deck and Apartment Project Transferred to Iron Oak
At the July 9 meeting, developers from Forest City Mamaroneck successfully petitioned the board to authorize the transfer of both the parking deck and the related apartment project to another entity – Iron Oak of Westchester. Both Town Administrator Steve Altieri and Town Counsel Bill Maker assured the board and residents that a contract with Iron Oak Partners would not in any way change any of the prior agreements with Forest City. The design, materials and number and types of apartments and parking spots would remain the same. However, Mr. Maker was able to negotiate an additional clause calling for the creation of a $4 million escrow account for the completion of the parking deck by April 14, 2009. Work on the housing part of the project is to begin in 45 days.
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As readers of the Gazette are aware, the Town Board has been working with the Forest City organization for a number of years in an effort to build housing units on Madison Avenue and a parking deck on Myrtle Boulevard. The agreement consummated in October 2006 called for Forest City to finance and construct a parking deck on Myrtle Boulevard with no expense to the Town. That responsibility has now been assumed by Iron Oak.
Posted by lumi at July 25, 2008 4:09 AM