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 facing a $56 million foreclosure lawsuit that claims it has not made a loan payment on its 267,000-square-foot Glenview mixed-use retail project since July 2009.  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 …

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Residential Portion of The Glen Faring Well

Homes in the Glen are nearly fully occupied. The retail section is still battling foreclosure.

Nearly all the homes in The Glen are occupied, according to an article in TribLocal based on 2012 stats released by the village. Of the 2,705 homes in the 12 development areas that are part of the 1,028-acre site, 1970 are occupied, the article says. This is what the village had expected. The retail section of the development is not doing as well. Glen Town Center Developer OliverMcMillan is facing a $55.6 million foreclosure suit. 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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Glen Town Center Developer Faces $55.6 Million Foreclosure Suit

San Diego-based OliverMcMillan LLC has not made a loan payment on its 267,000-square-foot Glenview mixed-use retail project since July 2009, according to a complaint filed in Cook County Circuit Court last week.

Glen Town Center Developer OliverMcMillan is more than a little behind on loan payments, according to Crain’s Chicago business. The San Diego-based real estate development company has not made a payment since July 1, 2009 and is facing a $55.6 million foreclosure suit, according to a complaint filed in Cook County Circuit Court last week. Want Glenview news in your inbox every morning?  Subscribe to Patch's newsletter. 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. But, according to a loan report from Bloomberg, the retail property has not generated enough cash flow to cover its debt since 2006. “The Town …

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Letters to the Editor

Saving a Piece of Glenview

Still suffering from poor living conditions and facing foreclosure, Sunset Village residents ask for community support.

Dear Editor, These past months since my last letter have seen some significant improvements but also some serious setbacks for many residents here at Sunset Village.  While we still suffer from chronic water outages, the impact is less because most of the remaining residents are aware that our water was never potable and keep plenty of bottled water on hand. The duration of the outages has been lessened because the court appointed receiver is making sure that contractors are being paid whereas the previous owner was reluctant to remedy the problems and when forced to make repairs, he simply switched contractors rather than pay for previous work. That being said, we still have a contaminated water supply.  Unfortunately, we still don't have…

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Economic Stresses Surface In The Classroom

Even the wealthiest local school districts must deal with the effects of unemployment and foreclosure on children.

The slumping economy has had an under-publicized effect on children, who bring the pain of their parents’ troubles to school in the form of stress, hunger, lack of money for basic activities or even homelessness. Dealing with economically deprived students has been a regular duty of some suburban districts that have had lower-income demographics for decades. But now even more affluent school systems are having to cope with the negative effects today’s economy can have on youths. The issue came to the forefront during a Sept. 26 visit Sen. Dick Durbin made to Golf School in Morton Grove while promoting the American Jobs Act. District 67 Supt. Jamie Reilly told Durbin that children are showing up at school increasingly stressed, requiring …

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Letter to the Editor: Glenview's Poor are Being Ignored

One Sunset Village resident shares experience of living at the mobile home park.

Dear Editor, After years of abuse and neglect, we are still here in Sunset Village in Glenview Illinois, paying in excess of nine hundred dollars a month for lot rent, and almost as much in mortgage payments on mobile homes. For many of us our rent was raised by $270 a month last February. A clear violation of the caps mandated under Illinois law. We are obligated by our leases to pay but evidently in contrast to the law, we aren't entitled to the items in our lease agreements such as working fire hydrants, potable water, street lights or paved roads amongst but a few. This has got to be one of the clearest examples of the disparity in the law between the affluent and the poor. Families are being displaced and torn apart. Their meager …

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Introducing Our New Series: The Changing American Dream

Glenview Patch joins its nationwide family of sites to explore what the 'American Dream' means today.

We're excited to launch a new series for Glenview Patch readers: "Dispatches: The Changing American Dream." Every day, national media outlets offer stories about how American families, businesses and neighbors are adjusting to these trying times. There are so many changes happening so fast that it's dizzying: national debates about unemployment, foreclosures, debt, religion, government and private enterprise all touch on the fundamental ways in which we see ourselves and our communities. At Patch, we want to explore that conversation on a regular basis so we can better understand how you and your neighbors are adjusting to the challenges and opportunities that surround us all. Dispatches will be built upon the compelling vignettes and …

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Workshop Tonight Seeks To Help Homeowners Facing Foreclosure

The Neighborhood Community Foundation, a nonprofit foreclosure prevention agency, hosts an informational program June 21.

If you’re worried about losing your home—or already mired in the process—the nonprofit Neighborhood Community Foundation hopes to help, with a workshop tonight in Northbrook. "You have to be proactive about saving your house,” says Chicago area foreclosure defense attorney and keynote speaker Adam Tracy. During the workshop, Tracy will discuss loan modifications, federal foreclosure programs and lender violations to watch out for. “We’ll spend some time on the process, getting people up to speed on how it works in Illinois,” he said. “Foreclosure is a hyper-technical part of law—it’s not quickly done or easily done.” In particular, Tracy said he will focus on loan modifications.  “When most of my clients come to me looking to save their …

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Foreclosures Find Glenview Residents, Industry Experts Talk Solutions

Those in need can find help from government agencies, real estate agents and lawyers. Industry experts agree unanimously — Resources are available but homeowner must help themselves.

With the economy slowly recovering from the Great Recession and real estate values still less than they were four years ago, Glenview residents are no stranger to foreclosures in this strained economy. Currently, 353 of Glenview's approximately 15,000 properties are in foreclosure, explained Village Communications Director Janet Spector-Bishop.  And, in the last 90 days, 35 percent of single-family home sales have been foreclosure related, according to Jason Pietrucha, a broker with Koenig & Strey in Glenview. "More than 40 percent of my business today is REO (real estate owned by a lender) or short sales," Pietrucha acknowledged. Short sales, now a big piece of the puzzle for Pietrucha and other brokers, often allow homeowners to avoid …

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