X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

MELROSE PARK, IL-V Land Corp. has broken ground on Food 4 Less Plaza, a 14-acre retail site located at the northwest corner of North Avenue and 25th Street. Anchor tenant is Kroger’s Food 4 Less concept, which plans to open by September. Other tenants include a Hollywood Video, Starbucks, T-Mobile, Jimmy John’s and a Hooters.

Steven Panko, president of V Land, tells GlobeSt.com that his firm had to work closely with the village of Melrose Park in order to have the property re-zoned for retail use. “We perceive this to be an upscale retail project for the community, based on the quality of the tenancy and construction,” Panko says. The cost of the project is estimated to be $20 million, according to Panko.

Approximately 70% of the center is leased. About 7,000 sf of inline retail space is currently available and up to 4,000 sf is available within a multi-tenant outlot building. Al Rodenbostel of Edgemark along with Gary Greenfield of Metro Commercial were leasing agents for V Land Corp. and Kroger.

According to Paul Utigard of V Land, “This has been a challenging site from a redevelopment standpoint. This was once a Benjamin Moore Paint factory. It had to be demolished, cleaned up and re-zoned in order to be developed into a grocery-anchored retail center,” he tells GlobeSt.com. Harbor Construction is GC for the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.