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CHICAGO-The city is spending no dollars to bring Krispy Kreme’s popular donuts, as well as a Walgreen Drug store, to the Lincoln Village area. Rather, Lincoln-Peterson Development Associates LLC will pay $390,000 for an 11,000-sf site at 3019 W. Peterson Ave. formerly used by the Chicago Transit Authority as a bus turn-around.

The price is the appraised value of the property, located at the northwest corner of Lincoln Avenue and Whipple Street, along a Peterson Avenue commercial strip that according to the city department of planning and development includes many vacancies. It allows the developer to assemble a 2.27-acre site for more than 19,000 sf of new retail space and parking for 105 cars. The department is hoping a 14,500-sf Walgreen Drug store and 4,725-sf Krispy Kreme outlet, both operating 24-hours a day, spur additional redevelopment along Lincoln Avenue.

Cost of Lincoln-Peterson Development Associates’ project is estimated at $7.8 million. It is expected to generate $150,000 a year in sales tax revenue for the city, as well as $1.2 million in property taxes over 20 years.

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