Buffalo Grove officers are poised to approve a deal to facilitate the redevelopment of the village’s City Heart property with a nationwide grocery retailer chain, retail retailers, eating places, flats and leisure venues.
The village board on Monday will contemplate a memorandum understanding with Kensington Growth Companions that, if permitted, will set in movement the proposed $150 million venture to revive the 20-acre property at Lake-Cook dinner Street and Route 83.
The deal includes the village offering as much as $24.75 million in monetary incentives by means of a tax increment financing district and 50% of the brand new gross sales tax development from the event.
Highlighting the primary part of the venture could be building of a 37,500-square-foot retailer for an unnamed grocer and a 7-story, 275- to 300-unit condominium constructing with 18,000 sq. toes of economic house on the bottom ground.
“The proposed plan could be an thrilling addition for (Buffalo Grove) — you might reside, store and dine, benefit from the park, and pattern a few of BG’s native taste — multi function place,” Village President Beverly Sussman mentioned in an announcement of the plan Thursday.
Village officers envision the redevelopment because the city’s first walkable, mixed-use improvement, that includes a contemporary central leisure and residential district, modern constructing design and upscale tenants.
Kensington, which is underneath contract to buy the struggling purchasing middle property, additionally plans a “Central Park” in the course of the location that will host concert events and civic occasions.
“The settlement with Kensington creates a catalyst for the continuing redevelopment of the Lake-Cook dinner Street hall and delivers a much-needed gathering place for our neighborhood,” Village Supervisor Dane Bragg mentioned in Thursday’s announcement. “We’re happy with all of the challenges we’ve overcome to assist flip this imaginative and prescient right into a actuality.”
If the deal is permitted, Kensington will enter into a proper redevelopment settlement with the village, with building anticipated to start in the summertime of 2022.