Streamlined TIF Orders Up Two Restaurants

The city's department of planning and development put out a call for redevelopment proposals in January 1999, but received none. The Alexopoulos brothers, who operate three other Near North and Near West side restaurants, were among the first to use the department's new streamlined TIF program in February. Two months later, the community development commission recommended the city council approve the tax increment financing for redeveloping a 17,000-sf building at 1100-1114 W. Bryn Mawr Ave.

The 7,500-sf eastern portion of the property would be used for two restaurants. The two-story western portion would be redeveloped for retail, as well as office or multifamily rental use.

"We're hungry for restaurants in Edgewater," says Clare Tobin, representing Edgewater Community Council Inc. The proposal also has the backing of the Edgewater Development Corp. and Bryn Mawr Task Force, she adds.

The city is spending $1.295 million to acquire the property. Cambridge Bank is providing financing for the project, and the tax increment financing will close a gap, city officials say.

The vacant building is at the opposite corner of another site formerly owned by the city and in the midst of redevelopment. The community development commission in January recommended the sale of a vacant 15,000-sf Walgreen Drug store at 1055 W. Bryn Mawr Ave. to retail developer Seymour Taxman and architect Joseph Antunovich, who intend to lease it to Transitions Book Store.

That sale was more controversial, as community groups supported Peter Holsten, who redeveloped the Bryn Mawr Apartments and Belle Shore Hotel for affordable multifamily rental housing. Both buildings are on opposite corners on the same historic Edgewater street.

"On this one, everyone is on the same side," says Greg Harris, an aide to 48th Ward Alderman Mary Ann Smith.