A vacant lot will be redeveloped as Lincoln Square’s newest retail complex under a $4.5 million Tax Increment Financing (TIF) meaure approved today by City Council.
The $43 million project, planned for 1820-24 W. Lawrence Ave., includes 133,000 square feet of retail space on two floors.
“This project will bring important goods, services and jobs to a vacant lot that has long outlived its usefulness to the community,” Mayor Rahm Emanuel said.
The first floor will include an LA Fitness health club and a Sears Auto Center. The second floor will be occupied by an 87,000-square-foot Mariano’s Fresh Market grocery store. A third level parking deck and adjacent surface lot will accommodate 350 vehicles.
The 4.7-acre site is current occupied by an underutilized parking lot and a recently closed Sears Auto store. The new complex will continue to provide customer parking for a Sears department store located one block to the west.
The TIF assistance will be reimbursed to the developer, Ravenswood Station LLC, for costs associated with site remediation and preparation.
An estimated 200 permanent jobs and 175 temporary construction jobs will result from the building’s construction.
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