The project includes 106,000 sf of retail space anchored by a 40,000-sf Shop 'n Save Marketplace with restaurants and other stores occupying 3,600-sf to 12,000-sf storefronts. Metropolitan Square includes 20,000 sf of office space in the project near the Metra commuter rail station, as well as 142 condominiums.
City officials are contributing nearly $15 million to the project, including $9 million to buy the property and an additional $5.8 million in tax increment financing. The city hopes to capture sales tax revenue in addition to growing its property tax base.
"With a mixed-use project of this kind, residents, consumers and employers will be drawn back to the suburb's heart throughout the work week and on weekends," says Highland Park-based Tucker Development president and chief executive officer Richard Tucker. "The tenant mix will provide convenience for condominium residents, as well as destination shopping for people from the surrounding area," adds Larry Freed, president of Joseph Freed & Associates LLC.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
