Mayor Richard M. Daley joined community leaders and other officials today at the grand opening of a new Lowe's home improvement store on Chicago's Southwest Side.
The store, located at 7905 South Cicero Avenue in the City's Ashburn community, has 156,000 square foot of retail sales space including an adjacent garden center.
"This new Lowe's is a very timely addition to the Ashburn community as well as the greater Southwest Side," Mayor Daley said. "This is good news for this community. We know that when people are employed and able to spend their earnings, companies will thrive and everyone benefits."
The $37 million development was part of a plan to renovate and redevelop the existing Scottsdale Shopping Center. Lowe's serves as the anchor tenant in the complex and five additional buildings have been updated into contemporary retail space.
The site was zoned as a planned development to allow for Lowe's and the construction and renovation of additional retail space.
The developer, Scottsdale Center, LLC, demolished the old Goldblatt's Department Store at the northern end of the 20-acre site to make way for the new development.
The City provided $8.1 million in TIF financing from the 79th/Cicero TIF district towards the project.
The opening of the giant retailer creates about 150 new jobs and generates additional sales tax revenue for the City. The new jobs bring the total number of full and part-time jobs at the shopping center to 430, officials said.
"In these challenging economic times, it is important that we use every tool and program available to us to help mitigate the crippling effects of the recession," Daley said. "We have a shared responsibility to do all we can to help protect our economy and our working families, many of whom are struggling to make it through these tough times.
"Government and business, both individually and together, must do their part," added Mayor Daley. "And this new store reflects what can be done when the public and private sectors work together."
The new Lowe's will attract thousands of shoppers and provide a new option for the local do-it-yourself consumer as well as the contractor market.
Building features include a 105,000 square foot green roof composed of low-maintenance, drought-resistant plants that will help reduce the building's effect on the environment by mitigating the urban heat island effect and lessening rain water drainage.
"The success of this development will help stimulate new economic growth on the Southwest Side," Daley said. "We must continue to work together to do what we can help turn around our local economy, to improve the quality of life in our neighborhoods and move our great city forward."