Town & Country Shopping Center: Redevelopment Agreement Approved

Press release from the Village of Arlington Heights:

12/23/2020

A redevelopment agreement approved by the Village Board on December 21 provides nearly $1.4 million of financial assistance through Tax Increment Financing (TIF) to the Town & Country Shopping Center for physical improvements to the site. The financial assistance will partially reimburse renovation costs incurred by the property owner to help revive and upgrade the center for a grocery store and make site improvements for a new restaurant, which will be located on an outlot of the site.

The new quick service restaurant with a drive-through, Raising Cane’s, was approved by the Village Board in the summer of 2019. The new grocery store will occupy the 50,000-square-foot vacant space of the longtime tenant Dominick’s. The space was most recently occupied by Joe Caputo’s & Sons for a short time but has remained vacant since 2015. Due to a nondisclosure agreement between the shopping center owner and the prospective new grocer, the grocery store will not be named.

The request for TIF assistance should help revive the shopping center which has struggled with vacancies and was further challenged by the economic impact stemming from the COVID-19 pandemic.

“It is very difficult to land new quality retail tenants in today’s environment,” said Village Manager Randy Recklaus. “The Village is very happy to be in a position to use TIF funds to help the center’s ownership improve their facilities to allow these new businesses to come into our community and add to our local economy.”

This press release was produced by the Village of Arlington Heights. The views expressed here are the author’s own.