Inside these posts: South Side

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Wal-Mart closes on land for Chatham supercenter

A vacant lot on the 50-acre Chatham Market, a shopping center at 83rd Street near the Dan Ryan Expressway, where Wal-Mart wants to build its second city store. (Michael Tercha/Chicago Tribune)

Wal-Mart Stores Inc. closed on the sale of a piece of land on Chicago’s South Side where it plans to build a long-anticipated 155,000-square-foot supercenter.

The world’s largest retailer paid about $10 million for the 13.5 acre parcel at the Chatham Market shopping center at the corner of 83rd Street and South Holland Road, according to a person close to the deal. The store is slated to open next year. Get the full story »

Urban Partnership Bank makes real estate hire

Urban Partnership Bank, the successor to failed ShoreBank, said Levoi Brown, 33, formerly an asset management director with General Electric Real Estate, has joined the South Side bank as the new director of commercial real estate.

Brown will be responsible for Urban’s commercial and multi-family real estate portfolio in Chicago, Cleveland, and Detroit. He reports to Urban Chief Executive William Farrow. Get the full story »

Interceptor police SUV to be made in Chicago

From WBBM Radio | Ford is announcing today that its plant on Chicago’s far South Side will begin making the new Police Interceptor utility vehicle, designed to have at least 20 percent better fuel economy than the current Crown Victoria police vehicle.

ShoreBank shut down by FDIC

An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)

ShoreBank, which billed itself as the nation’s first and leading community development and environmental lender, failed Friday and was acquired by a consortium of big banks, insurers, philanthropic groups and civic-minded individuals.

ShoreBank is the 15th Illinois lender to fail this year, and the 114th to be seized by regulators nationally.

Its failure is expected to cost the Federal Deposit Insurance Corp. $367.7 million. The FDIC is funded by the banking industry. Get the full story »

Farrow reported to head reconstituted ShoreBank

The group seeking to buy ShoreBank, the ailing South Side lender expected to be seized by federal regulators Friday, plans to name former First Chicago executive Bill Farrow as the chief executive and president of the institution if it succeeds at bidding for certain assets and deposits of the failing bank.

It means that three former First Chicago executives will be running the show if their bid succeeds. Get the full story »

At Ford plant, Obama says his plan saved industry

President Barack Obama today told workers at a South Side Ford plant that his bailout push helped save an “industry on the brink.” More » Get the full story »

South Side Wal-Mart wins unanimous OK

The City Council unanimously voted today to let Wal-Mart build a second store in Chicago, ending six years of political gridlock that prevented the giant retailer to expand inside city limits.

The vote allows construction to begin on the 270-acre Pullman Park development on the South Side that will be anchored by a Super Wal-Mart. It is a project long championed by Ald. Anthony Beale, 9th, who said the new store will bring badly needed jobs in a hard-hit area suffering from a dearth of grocery stores.