Businesswoman Lynda Paul has asked the North Chicago City Council to establish a revolving loan fund to help her bankroll a proposal to redevelop property southwest of Lewis Avenue and 14th Street.
The building on the site housed a Jewel grocery for decades before the store closed in 1995. That left the city without a full-service grocery until Big “G” Farms opened in 1999, only to close about a year later.
Finding a new use for the site has been a top priority for city officials because of the site’s high visibility. Two main thoroughfares meet there, and the corner closest to the street has a “Welcome to North Chicago” sign.
Paul presented aldermen with a plan last week to build a multiuse development at the site anchored by a buffet-style restaurant in the existing buildings.
New buildings could include a supper club, a men’s clothing store, a bookstore and teachers resource center, a government facility such as a post office, a small grocery store, and a coffee shop, she said.
She estimated the project could cost $15 million to $20 million and generate $360,000 to $620,000 in annual tax revenue by its third year of operation.
Paul asked the city for a $600,000 loan to help her buy the property. She said she has 40 days to complete a deal with the property owner. Aldermen voted to send the proposal to committee for further study.
