TIF Assistance Approved for New Retail Center

October 5, 2011


Tax Increment Financing (TIF) assistance approved today by the City Council will support the development of a new retail center on the Near West Side.

The $42 million Gateway Plaza planned for the northwest corner of Halsted and Monroe streets will receive $7 million in TIF financing. The 1.5-acre site has historically been used for surface parking.

The 95,000-square-foot, three-story structure will include a 71,000-square-foot Mariano's grocery store, parking for 220 vehicles, and additional commercial spaces for a variety of tenants.

 An estimated 200 permanent jobs and 250 temporary jobs will result from its construction, according to the developer, CD-EB/EP Retail JV, LLC.



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