The Village Board is considering allowing construction of retail shops beneath condominiums in the Cook Street Plaza area.
The project, proposed by Chicago developer Joel Hillman, would include about 18,000 square feet of retail space.
The development could include nine new businesses, Hillman told the Village Board this week.
“We’re committed to not competing with area retailers or poaching retailers from other areas of town for this space,” Hillman said.
The project calls for 20 to 24 condominiums costing $275,000 to $550,000 each, he said.
Underground parking would provide 98 spaces, 63 of which would be set aside for public use.
“There isn’t enough business activity in the downtown area to make it a viable shopping district. This project gives retailers a shot in the arm,” Hillman said.
Trustee Tim Dunn said, “This is revitalizing an area that has been down for a long time.”
Village officials will work with the developer to refine the agreement in areas including use of the garage and creation of a public walkway.
Hillman expects construction to begin early next year.
