Elmwood Park hosted a ribbon-cutting ceremony on April 27 to unveil the renovated Walgreens at North and Harlem avenues.
“This project was seven years in the making,” Village President Angelo “Skip” Saviano said. “This corner was a victim of the economy.”
Officials said the developer, Delko Construction Co. Inc., acquired one of the properties on the lot from Midwest Bank for an undisclosed sum just before the real estate crisis in 2008. But before the project could break ground, Midwest Bank was closed by the Illinois Department of Financial Professional Regulation in 2010. The FDIC entered into a purchase and assumption agreement with FirstMerit Bank, according to information posted on the FDIC’s website.
Through this transfer process, which Village Manager Paul Volpe described as frustrating, Delko was able to expand ownership of the 45,000 square feet of land for not only the Walgreens, which opened in 1959, but also the building that a Midwest Bank branch was once located in, as well as a vacant parcel of land originally slated to be a residential project.
The transfer to FirstMerit delayed construction of the project by about three years, but considering this setback, Volpe said he was impressed that Delko hung in there the whole time to finish the project. He added that while many projects of this magnitude use tax increment financing money or similar funds, Delko was able to finance the entire project with private money. Delko also paid for the sidewalks around their property, which most developers leave for the municipality to handle, and asked only for some funds to help with letters from the welcome sign, he said.
“This is not only a new look for Walgreens, but the developer, Delko Construction Co., graciously created a new gateway into Elmwood Park,” Saviano said. “They built a new brick and stone masonry welcome sign with stainless steel lettering. They also replaced the sidewalk along the perimeter of the building. It looks great.”
According to village officials, Delko’s redevelopment of the location includes a new FirstMerit Bank branch along with the restoration of that previously vacant parcel of property.
Village officials also noted that Walgreens installed drive-thru lanes and improved its building’s energy efficiency.
“The store and the pharmacy are open 24 hours a day,” Trustee Jonathan Zivojnovic said. “The old Walgreens did not have a drive-thru, so this is extremely helpful to residents.”
The renovated Walgreens is expected to bring an additional 20 percent of sales tax for the village, Volpe said.
Alex V. Hernandez is a freelance reporter for Pioneer Press.
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