Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
New Owners Close on Deal to Redevelop Last Vacant Dominick’s
The last of 15 former Dominick’s locations to remain vacant six years after the supermarket chain closed its doors will now become a Shop & Save. 7131 Jeffrey Development LLC recently closed on the acquisition of Jeffrey Plaza at 2101 E. 71st St. in the South Side’s South Shore neighborhood, some 11 months after signing a purchase agreement.
The 62,000-square-foot Shop & Save that replaces Dominick’s will be the Chicago-area grocery chain’s seventh location overall, and third in Chicago. The City Council approved $10 million in tax increment financing last October toward the $24.5-million acquisition and redevelopment of the 113,000-square-foot shopping center.
“This is a major project that will create good jobs in the 5th Ward,” Ald. Leslie Hairston, who represents the ward, said last October when TIF assistance was approved. Additional city support included $4 million in New Market Tax Credits from the Chicago Development Fund.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
