Tony's Finer Foods to buy Schaumburg Dominick's location
Editor's note: The location of the Tony's Finer Foods store in Hanover Park was corrected. The store is at Barrington Road and Route 19.
Tony's Finer Foods plans to purchase and move into the vacant Dominick's in Schaumburg's Town Square, with a likely opening date in early to mid-2016.
Meanwhile, a non-grocery retailer is nearing a contract for the village's other former Dominick's, at Higgins and Meacham roads, and two breakfast-lunch restaurants are bidding for the vacant Applebee's space in Town Square, Schaumburg Economic Development Manager Matt Frank said.
"Obviously, the village is very excited about this," Frank said of the new Tony's.
In May 2013, Tony's Finer Foods similarly came to the rescue in taking over a vacant Ultra Foods store at Barrington Road and Route 19 in neighboring Hanover Park. The Itasca-based chain also has stores in Melrose Park, Plainfield, Countryside and four Chicago locations.
The company expects to close on the purchase of the Town Square Dominick's building in July, though several months of renovation work are expected to follow that, Frank said. The proposal will go before the village's finance committee on June 24 for a recommendation to the full village board.
Tony's Finer Foods also has applied for a Cook County Class 7c property tax incentive, which provides a tax break for businesses that take over a property which has been vacant.
The 5-year incentive is available to commercial properties undergoing significant new construction or rehabilitation. During the first three years, the property's assessment is reduced to 10 percent. This rises to 15 percent in the fourth year and 20 percent in the fifth, before returning to the normal 25 percent level.
The new residential development of Pleasant Square across Schaumburg Road from Town Square is now well underway. Frank believes its success has much to do with the new interest the village is seeing in the vacant Dominick's and Applebee's.
Representatives of Tony's Finer Foods could not be immediately reached for comment Tuesday.