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Receivership Firm Investigates Glen Town Center's Underperformance

RE Solutions, the court-appointed receiver, is studying how to boost sales at the Glenview shopping center.

A Chicago-based receivership company has been tasked with improving business at Glen Town Center, Chicago Tribune reported. 

Glen Town Center Developer OliverMcMillan is in court . 

Earlier this month, Cook County Circuit court appointed RE Solutions as the receiver and the company is looking at why the shopping center is still underperforming even though 94 percent of the retail space is leased, Chicago Tribune reported. 

The highly anticipated 267,000-square-foot mixed-use retail center opened in 2003 and was supported by the Village with a $12 million revenue-sharing agreement with the developer.

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Mike Kruger January 29, 2013 at 02:34 AM
Location, location, location. It's not on E. Lake or Willow. Patriot was set up with jogs at either end (instead of just running Shermer straight through from Lake to Willow) in order to cut down on north-south traffic. 94% of the space may be leased, but it's a soft 94%. Walk up and down the area and you see lots of open spaces.
Deadcatbounce January 29, 2013 at 04:16 AM
Surprise, surprise, surprise! $12M of our tax money flushed away.
Michael Feder January 29, 2013 at 01:32 PM
The real problem is that no one outside of Glenview knows where The Glen is
Malta January 29, 2013 at 02:06 PM
the issue? society is getting poorer and poorer due to inflation and unemployment. which is really about 15% despite the propaganda put out by the obama administration....by the way got my tax bill yesterday surprise! it went up again! got to pay those unions workers in chicago.......
chris January 29, 2013 at 02:34 PM
The traffic around there is a mess, especially that goofy tri-sected West Lake intersection by Kohls Wasted Tax Money Museum. They wouldn't lift a finger to help the people in Sunset Village where they would have seen a nice return on an investment, but instead they threw twelve million of your tax dollars to some over pedigreed developer at Glen Town, millions more for the dilapidated Dominicks site and more money still to put cobblestone crosswalks at that intersection that sees three pedestrians a day, snarling traffic for weeks in the process and now they're using your money to pay the rent for businesses near the bridge collapse debacle on Shermer when a wealthy railroad conglomorate should be paying. I guess investing in working class families who pay their bills isn't as attractive as investing in some blue blood ventures with fancy names and slick pro forma pipe dreams?
Harry Gio January 29, 2013 at 08:00 PM
Hopefully someone will buy it once it gets to the foreclosure sale, which will be significantly LESS than what is currently owed; making for more affordable rents to draw more retail stores and restaurants... It will ALWAYS be a part of Glenview, but it would have been much more successful if it wasn't tucked away from everyone, because it seems as if ONLY Glenview residents go there, which is NOT good for struggling businesses.
beauregard January 30, 2013 at 01:04 PM
Which bank financed this mess?

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