Aug. 16, 2010 at 3:09 p.m.
Filed under:
Construction,
Housing,
Real estate,
Updated
By Mary Ellen Podmolik
Ricker-Murphy Development LLC and Lake Tower Development LLC, a GE Pension Trust affiliate, announced Monday that they had secured a $170 million construction loan needed to complete the long-delayed Lincoln Park 2520 high-rise.
The development, on the site of the shuttered Columbus Hospital, opened a sales office and began selling units in early 2007 as the credit markets were collapsing. Thirteen months ago, the size of the Lucien Lagrange Architects-designed tower was trimmed, to 198 condos in 33 stories, from 292 units in 41. However, Ricker-Murphy said Monday it received approval for 229 residences in three connected towers — a 22-story north tower, a 39-story central story and a 16-story south tower. The condos will sell for $1 million to $5.7 million, excluding penthouses that will be priced at up to $11 million. Get the full story »
By Ameet Sachdev
One luxury hotel off Michigan Avenue is suing a new competitor in the neighborhood, charging that the latter’s construction hurt business and damaged its reputation.
The Talbott Hotel, 20 E. Delaware Pl., said in a suit filed Thursday that the construction of the adjacent Elysian hotel interfered with its operations.
Guests complained about the noise, dust, fumes, vibration and debris, and the Talbott had to reimburse some guests, the hotel said. Some guests also gave the hotel bad reviews on Web sites such as Orbitz and Hotels.com, the Talbott said.
The Talbott sued the Elysian owners as well as the general contractor and project manager in Cook County Circuit Court. A spokeswoman for the Elysian said she could not immediately comment but would look into the matter. Get the full story »
Aug. 13, 2010 at 12:33 p.m.
Filed under:
Construction,
Manufacturing
By Associated Press
U.S. Steel’s Gary Works is set to begin construction on the first two of four plants to produce a coke substitute.
The Indiana Department of Environmental Management issued a source modification permit to the mill on Lake Michigan last week. U.S. Steel spokeswoman Courtney Boone says the $220 million project is moving into the construction phase. Get the full story »
Aug. 13, 2010 at 7:40 a.m.
Filed under:
Construction,
Manufacturing
By Dow Jones Newswires-Wall Street Journal
Caterpillar Inc., the world’s largest maker of construction equipment, unveiled plans for its fourth U.S. expansion project in two weeks, providing much-needed jobs in a limp employment market while allowing the company to strategically place plants in lower-cost regions.
The new facility, a $120 million plant to make excavator machines in Victoria, Texas, will take on production of some equipment currently made in Illinois and Japan. Get the full story »
Aug. 4, 2010 at 4:52 p.m.
Filed under:
Construction,
Housing
By Dow Jones Newswires
USG Corp. is counting on a lightweight version of its Sheetrock brand drywall to help revive profit pummeled by the long slump in housing construction. Get the full story »
Aug. 3, 2010 at 12:56 p.m.
Filed under:
Construction,
Jobs/employment,
Manufacturing
By Dow Jones Newswires
Caterpillar Inc. plans to open an engineering office in South Dakota that is expected to employ up to 100 people in five years, the construction equipment company said Tuesday. Get the full story »
By Associated Press
Heavy-equipment manufacturer Caterpillar Inc. said Friday it will build a parts plant for large mining machines in North Carolina, and it expects to employ about 510 full-time and contract workers in five years.
Construction is scheduled to begin in November on the Winston-Salem factory where workers will machine, assemble, test and paint axle assemblies for large mining machines. Production is expected to begin in the first quarter of 2012. Get the full story »
July 28, 2010 at 1:09 p.m.
Filed under:
Construction,
Development,
Housing,
Real estate
From Crain’s Chicago Business | AMLI Residential Partners plans to build a 49-story apartment building at Clark and Hubbard Streets in River North. Construction could start next year.
July 26, 2010 at 1:17 p.m.
Filed under:
Construction,
Development,
Government,
Real estate
By Mary Ellen Podmolik
A local architect and developer was charged Monday by the Department of Housing and Urban Development with housing discrimination for designing and building a Chicago apartment building that it alleges does not comply with accessibility requirements.
HUD said Hector Castillo and Hector Castillo Architects Inc. violated the federal Fair Housing Act in the construction of a building at 914 W. Hubbard St. Get the full story »
July 22, 2010 at 7:04 a.m.
Filed under:
Construction,
Earnings,
Manufacturing
By Reuters
Caterpillar Inc. reported a stronger-than-expected quarterly profit Thursday, and raised its full-year outlook, citing continued strong sales growth in emerging markets. The world’s largest maker of construction and mining equipment posted a second-quarter profit of $707 million, or $1.09 a share, up from $371 million, or 60 cents a share, a year earlier. Get the full story »
July 20, 2010 at 9:23 a.m.
Filed under:
Construction,
Labor,
Unions
By Chicago Breaking News
A tentative deal has been worked out to end the nearly three-week construction strike that idled work on schools, a casino and some 300 road projects, including the resurfacing of the Eisenhower Expressway.
The agreement between the Mid-America Regional Bargaining Association and the Union of Operating Engineers Local 150 was reached after a nine-hour bargaining session Monday. It includes a 3.25 percent increase in wages and benefits for each of the next three years. The hourly wage for construction laborers is $35.20, and for heavy equipment operators about $45.
July 19, 2010 at 9:33 a.m.
Filed under:
Construction,
Real estate
By Reuters
Home-builder sentiment fell more than expected in July to the lowest level in more than a year after a popular home-buyer tax credit expired in April, the National Association of Home Builders said on Monday.
July 15, 2010 at 9:15 a.m.
Filed under:
Construction,
Earnings
By Reuters
Industrial distributor W.W. Grainger Inc. posted better-than-expected quarterly results, helped by strong sales growth in the United States and Canada, and raised its outlook for 2010. The company expects full-year earnings of $6.10 to $6.40 a share, excluding special items, on sales growth of 12 percent to 14 percent. Get the full story »
July 15, 2010 at 7:45 a.m.
Filed under:
Construction,
Labor,
Unions
From Crain’s Chicago Business | Local 150 of the heavy equipment International Union of Operating Engineers has reached a tentative deal for a three-year contract to boost wages and benefits 3.25 percent each year. But major construction projects, including the repaving of the Eisenhower Expressway, remain stalled.
June 24, 2010 at 2:46 p.m.
Filed under:
Construction,
Investing,
Stock activity
By Associated Press
Moody’s Investors Services lowered two credit ratings for building materials company USG Corp. Thursday, citing a dim outlook for the building sector.
Moody’s lowered its corporate family and probability of default ratings for USG to “Caa1″ from “B3.” It also downgraded guaranteed senior unsecured notes due 2014 to “B2″ from “B1″ and other senior unsecured debt to “Caa2″ from “Caa1.” Get the full story »
