Developers of a shopping center in the city’s newest tax increment financing district set the stage Monday night for the city to move its Public Works garage by announcing that three anchor stores have agreed to leases in the strip mall.
Officials for Dominick’s Finer Foods and Kohl’s told City Council members Monday that they plan to build stores during the next year at the shopping center at Illinois Highway 83 and St. Charles Road. Dominick’s officials said they will open a 72,000-square-foot store in the fall of 1999, and Kohl’s officials said they expect to open their 87,000-square-foot store in summer 2000.
Along with current tenant Builder’s Square, the shopping center would have 12 other tenants when it is renovated, said Alan Saposnik, CEO of Klaff Realty and representative for the developer, Federal Construction. Federal expects to pay about $20 million on the renovation of the center; $600,000 will come from TIF funds, Saposnik said.
The lease agreements mean that the city will be able to move its public works garage from its current site behind the shopping center to a new site on Riverside Drive, officials said.