Sears Holdings Corp. plans to close its money-losing namesake location in downtown Chicago, reducing its physical presence in the city as it shrinks its store network and divests assets amid a decline in sales.
International Property Developers announced plans to build a $3.5 billion office, residential, hotel and retail project in downtown Chicago, including a 120- story tower that would be the tallest in the U.S.
The owners of Chicago’s fourth- tallest building are running out of time to refinance debt taken on during the property boom, setting the stage for a takeover fight for the tower as firms including Blackstone Group LP try to gain the upper hand in lender negotiations.
Auditors seeking to head off a Chinese crash are rushing to scrutinize the debt-swollen books of the country’s local governments. Economists are poring over statistics, bond spreads, electricity gauges and stock valuations. They might all have more luck if they got their noses out of the books and looked up.
The convictions of four men for conspiring to bomb New York synagogues vindicated the post-9/11 strategy of using an informant to identify individuals deemed likely to engage in terrorism and encourage them up to the point of arrest, legal experts said.
Lower Manhattan’s 1 World Trade Center was deemed the tallest tower in the U.S. by the Council on Tall Buildings and Urban Habitat, which ruled that the skyscraper’s 408-foot spire is part of its architecture.