TrafficCourt

Court Orders Joseph Freed To Hand Over Block 37; CRE Positions Remain in Demand (Tuesday's News & Notes)

And the saga of the Block 37 development in Chicago continues. This week, a Judge ordered developer Joseph Freed & Associates to hand over the keys to the project to the receiver. But wishing to hold on, Freed tries to secure potential investors in the development.

  • The court has forced Joseph Freed & Associates to turn over Block 37 to a previously appointed receiver, according to Chicago Business. Meanwhile, The Chicago Tribune reports that Freed has started discussions with potential investors in a bid to gain back control of the project.
  • General Growth Properties has tapped investment bank UBS to help it emerge from Chapter 11, according to the Examiner.com.
  • Retailer Daily reports that Wal-Mart will lay off 11,200 Sam's Club workers in 2010. The retailer denies the lay-offs have anything to do with the recession.
  • The National Retail Federation forecasts a 2.5 percent increase in retail sales in 2010, according to Reuters.
  • A Student of the Real Estate Game reports that applications for jobs in commercial real estate remain near 2007's levels, according to statistics compiled by Cornell University.
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish