The Oak Lawn Commons shopping center is on the market, and could draw a record sale price, City Manager Thomas Phelan said.
“We were told by retail investment experts that the property should sell for more than $80 million, which would make it one of the most valuable retail properties — on a price per square-foot basis – in the suburban Chicagoland area,” Phelan said.
That property at 95th Street and Pulaski Road includes a number of restaurants and an Amazon Fresh grocery store. Mid-America is brokering the sale.
Phelan also told the City Council this week Paisans Pizzeria, expected to employ up to 100 workers and bring in up to $10 million in revenue, will develop the last property at the Stony Creek Promenade shopping center, Phelan said.
“This is a great win for Oak Lawn,” he said.
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The Stony Creek Promenade, at 111th Street and Cicero Avenue, is already home to a Cooper’s Hawk restaurant and a Mariano’s, as well as some fast-food establishments.
The pizzeria is locally owned and operated. The first one opened in Cicero in 1985, and Phelan said the business has been looking to move to Oak Lawn.
“I can’t express to you how happy I am as a family man and as a dad,” Phelan said.
Phelan said the city has long sought to lure the popular pizza chain, but COVID-19 delayed the expansion. With the pandemic easing somewhat, a spokesperson said Tuesday the restaurant would within the next year.
“This is a lot more than a pizza place,” Mayor Terry Vorderer said. “This is a destination place. This is a great win for Oak Lawn to bring this here.”
Trustee Paul Mallo said he has been to the Berwyn Paisans looks forward to visiting the Oak Lawn location.
Jesse Wright is a freelance reporter for the Daily Southtown.