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Redevelopment plans underway for vacant Carpentersville property

Carpentersville officials are hoping the redevelopment of a vacant property on Route 31 will be a catalyst for future growth along the corridor.

Property owners intend to tear down the former Rosati's Pizza building at 125 S. Western Ave., which has been vacant for at least seven years, Economic Development Director Patrick Burke said. In its place, they plan to build a 5,500-square-foot multi-tenant building.

The owners, a development group called Western Ave. LLC, have signed a lease with American Mattress, which will use 4,000 square feet, Burke said. A fast-casual restaurant signed a letter of intent for the remaining space, he said, but details are not being released until the deal is final.

"It'll be great to get national tenants in there. It'll really help address that area and aesthetically improve it, too," Burke said. "We're starting to see some interest and momentum on the stretch of Route 31."

If all goes well, he said, owners intend to start construction this fall and possibly be open by the holiday season.

Investors struggled to develop the site for years because an agreement previously limited its use to pizza places, Burke said. The restriction on the property, an outlot of Spring Hill Mall, was recently lifted.

Additionally, Carpentersville created a tax increment financing district in the village's Old Town area and the Route 31 corridor earlier this year to help spur economic growth in that area. In a TIF district, as redevelopment boosts property values, the extra tax revenue that otherwise would go to schools and others taxing bodies goes into a special fund that can be used to pay for improvements to the area for up to 23 years.

"Those two things really helped to move (the project) forward," Burke said.

Developers are also requesting financial incentives from the village, he added, for which negotiations are ongoing.

"We see the need for the village to participate because of the impediments to develop there," Burke said. "We're working toward what's equitable for both the developer and the village."

The Carpentersville village board is expected to consider development plans and an incentive agreement Sept. 6.

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