Inside these posts: Development

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Cicero gives thumbs up to Wirtz building proposal

The town of Cicero unanimously voted Tuesday to approve Wirtz Beverage Illinois’ request to build a $70-million, 600,000-square-foot distribution center at a location that used to be a racetrack. Wirtz’ new center will incorporate the company’s other offices and warehouses in Schaumburg, Wood Dale, Bensenville and Elk Grove Village.

The company had said in a statement last week that most of its 1,000 employees would move to the new center. Get the full story »

Three men charged in Islamic-based Ponzi scheme

Three owners of a Chicago-based real estate development firm have been charged with fraud for allegedly cheating investors out of $43 million while claiming to be compliant with Islamic law.

A federal grand jury returned a 14-count indictment against the owners of Sunrise Equities on Tuesday, U.S. Attorney Patrick Fitzgerald said in a Wednesday statement. Federal officials said Salman Ibrahim, the majority owner and president of the now-bankrupt firm, and Mohammad Akbar Zahid, senior vice president of investor relations and a 10-percent owner, told clients that their investments would comply with Shariah law.

Islamic law prohibits interest, so Ibrahim and Zahid told investors they would receive monthly pay-outs of profits from real estate development. According to Fitzgerald’s office, the men promised annual returns of between 15 and 30 percent. Get the full story »

Hyatt Regency to reopen New Orleans hotel

Hyatt Hotels Corp. said it is revamping and reopening its Hyatt Regency New Orleans in fall of 2011. The operator said it will launch a multimillion redevelopment of the 1,193-room hotel located adjacent to the Louisiana Superdome.

General Growth seeks to sell land in Vegas

General Growth Properties Inc.¬† is seeking court permission to sell more than 60 acres¬† in Las Vegas’ Summerlin residential development to a pair of home builders for about $38 million, pending higher bids at auction.

The deal will bring in cash that can be used to repay creditors and allow building to resume in the 22,500-acre development northwest of the Las Vegas strip, General Growth said in papers filed Thursday with the U.S. Bankruptcy Court in Manhattan. Get the full story »