Trustees have given final approval to a 23-acre retail development at West 120th Street and South Cicero Avenue, which village officials hope will lead to a local shopping destination and significant tax dollars.
Developer Harlem Irving Cos. has committed to bringing a Home Depot and an LA Fitness to the site and is seeking other major retailers. A bank and two restaurants are planned as well, Mayor Patrick Kitching said.
The property has been ripe for development for some time, Kitching said.
The village, library and park district stand to benefit from the economic boost, and residents will gain multiple shopping opportunities, he said.
“This is probably only the best developments we’ve had in this village in some time,” Kitching said after the project won unanimous Village Board approval.
An economic incentive agreement required the village to borrow $2.5 million from Harlem Irving to pay for improvements to the property and render it fit for building. The village plans to meet the debt obligation with new money generated by sales tax dollars from the mall development.
Kitching said the debt must be repaid in 12 years, at which time the village would not be responsible for any remaining balance on the borrowed money.
The development is expected to open sometime in 2007, officials said.
