TIF Approved for South Shore Grocery Store Project
Chicago’s last vacant Dominick’s grocery store location will be reopened by a full-service grocer through $10 million in Tax Increment Financing (TIF) approved today by City Council.
"Today marks a victory for the residents of South Shore who have been working alongside the city to secure a quality full-service grocery store for their community," Mayor Emanuel said. "This is more than a store. It represents the investments we are making across Chicago to redevelop neighborhoods, creae jobs and promote growth for the future."
7131 Jeffrey Development LLC will use the TIF assistance to purchase Jeffrey Plaza shopping center at 2101 E. 71st St. and lease the former 62,000-square-foot Dominick’s space to its subsidiary Shop & Save market.
"This is a major project that will create good jobs in the 5th War," Ald. Leslie Hairston said. "And even more than that - it demonstrates the progress that we are making as a community to work together to strengthen the ward and drive new investment and economic growth for the future."
Jeffrey Plaza remains the last of 15 Chicago Dominick’s locations to be re-occupied by another grocery store operator after the chain folded in 2013. Consisting of 113,000 square feet of retail space occupied by multiple tenants, the shopping center is currently owned by Jeffrey Plaza Investment LLC.
The $24.5 million acquisition and redevelopment project will create 85 construction jobs and up to 85 permanent jobs within Shop & Save, in addition to the retention of 59 full- and part-time jobs at the other stores in the plaza. Local hiring efforts will be required as part of the TIF assistance.
Additional City support includes $4 million in New Markets Tax Credits from the Chicago Development Fund.
City efforts under Mayor Emanuel to help reoccupy the store include the establishment of a Grocery Store Task Force in 2013, City Council’s approval of acquisition authority for Jeffrey Plaza in 2014, and a request for Jeffrey Plaza redevelopment proposals in 2017.
Shop & Save, which operates six other stores in the Chicago area, offers a wide range of fresh food choices, including fruits and vegetables, meats and cheeses, a European-style bakery and seafood, among other household items and services.
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