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CHICAGO-Krispy Kreme Doughnuts is one step closer to opening its second location in the city, and first on the North Side. The popular donut purveyor, which also has a store in northwest suburban Rosemont, will be part of a $7.8-million development that includes a Walgreens drug store at Lincoln and Peterson avenues.

The city has acquired an 11,000-sf former bus turn-around lot at 5963-71 N. Lincoln Ave. from the Chicago Transit Authority for $390,000 and is selling it Krispy Kreme Doughnuts for the same price. The deal was recommended for approval last summer by the community development commission, and heads to the city council after a favorable recommendation from the committee on housing and real estate.

Lincoln-Peterson Development Associates LLC already has paid $3.45 for million for nearly two acres for the 4,725-sf Krispy Kreme outlet and 14,500-sf Walgreen Drug store. The project 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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