Grocery store coming to Lake Street in Aurora
By Stephanie Lulay email@example.com February 12, 2014 7:27PM
Updated: February 14, 2014 2:32AM
AURORA — Aurora aldermen unanimously approved a deal this week that makes way for a Save-A-Lot grocery store to open on Lake Street.
Under the development deal, the city will kick $600,000 in tax increment financing funds toward the construction of a Save-A-Lot grocery store at 210 N. Lake St. Funds will come from TIF District 5, according to city records.
The existing commercial building at 212 N. Lake St. will be renovated and a 2,975-square-foot addition will be constructed to the west side of the building for the store.
Developers plan to acquire properties at 212 N. Lake St. and 221 Spruce St. to make way for the grocery store, according to Chief Development Officer Bill Wiet.
The entire renovation project is estimated to cost $2.6 million, according to city records.
Wiet said that the 212 N. Lake St. property was once a Walgreens store. Owners of that Walgreens moved that location to Galena Boulevard and Union Street on the city’s Near East Side about five years ago, according to Wiet, but Walgreens maintained lease payments on the property until recently.
Developers plan to demolish the vacant office building at 221 Spruce St. to allow for added parking for the grocery store.
Under the deal, 210 N. Lake Street, LLC, will receive an initial reimbursement of $300,000 once a certificate of occupancy is issued for the grocery store and then $75,000 annually for the next four years after the store’s opening, according to city records.