In brief: Uptown Theatre | First Industrial | apparel stores
Uptown Theatre buyer gets more time
Over the objections of a city attorney, a Cook County judge on Monday gave the Jam Productions Ltd. venture that bought the Uptown Theatre in July more time to negotiate with the city before determining whether Jam must comply with a previous court order that requires the theater's owner to put $5 million into an escrow account. City attorney Judith Fryland argued in court that now was the best time to obtain that money to ensure the development at 4816 N. Broadway takes place. The escrow money would go back to the developer as the project is completed. An attorney for Jam, Patrick Thompson of DLA Piper, said the $5-million requirement would "thwart" the development, which is projected to cost about $40 million. Mr. Thompson also told Judge Daniel Lynch that Jam is meeting with the city's planning department next month for further discussions on a development plan that could include city subsidies as well as state and federal funding. The escrow dispute is to go before Judge Lynch again in January.
Interim First Industrial CEO gets stock appreciation rights
First Industrial Realty Trust Inc. granted interim CEO W. Edwin Tyler 75,000 stock appreciation rights the day after the company announced his being named to the position, according to a filing Monday with the Securities and Exchange Commission. The rights entitle Mr. Tyler to a payment of 75,000 times the difference in the stock price between its close of $7.94 on Oct. 23 and its closing price on Oct. 22, 2009, according to the filing. Mr. Tyler, a board member since 2000, was named interim CEO and lead director last week when the Chicago-based real estate investment trust ousted Michael W. Brennan from the position.
Bucktown gets new Urban Outfitters concept
Urban Outfitters Inc. this month is unveiling a new casual-clothing retail concept called We the Free with a store at 1401 N. Milwaukee Ave. in Bucktown, according to the company's Web site. We the Free is a spin-off of Urban's Free People division, which already has a location at 1464 N. Milwaukee Ave. Philadelphia-based Urban is also opening a We the Free store in Brooklyn, according to Women's Wear Daily.
True Religion opens Northbrook Court store
Clothing retailer True Religion Apparel Inc. opens its second Chicago-area location Tuesday at Northbrook Court. The store is 2,174 square feet, True Religion, which is known for its jeans, said in a release. The Vernon, Calif.-based company's other local store is at 2202 N. Halsted St. in Lincoln Park.
