Wheeling Town Center could get diner, bank, coffee shop, sandwich eatery
A diner, sandwich eatery, coffee shop and bank could be coming to the Wheeling Town Center, the anchor for the village's first downtown along Dundee Road.
Brad Friedman, the Midwest director for New York-based real estate developer Lynmark Group, says the group is in talks with the businesses but agreements haven't been finalized. Neither Friedman nor village officials named the businesses.
If the restaurants and businesses do move in, about 75 percent of the 100,000 square feet of commercial space would be occupied.
Two anchor businesses are already in line to take up about half the commercial space in the $110 million development: a 10-screen CMX movie theater, and City Works Eatery and Pour House, an American cuisine and craft beer restaurant.
Friedman told the village board Monday he's targeting unique businesses to attract residents from other suburbs.
"I really think this is going to bring people from surrounding neighborhoods, and they're going to be spending their dollars here," he said.
The 5,000-square-foot diner concept, which has five locations in Illinois, would serve breakfast and lunch, while the 3,500-square-foot casual restaurant would offer burgers, hot dogs, gyros, sandwiches and salads. The bank and coffee shop would each have drive-throughs.
"The developer is being very judicious about maximizing the tenant mix to meet requirements," said John Melaniphy, the economic development director for the village. "They aren't just leasing to every retailer or restaurant that expresses interest."
Meanwhile, construction is on track, Friedman said. A six-story parking garage sprouted in about a month, and the 300-unit luxury apartment complex that will wrap around it will be ready for residents by early 2019. The theater is on track to open for holiday-season blockbusters in late 2018.
Wheeling Town Center is a 16-acre development at the former Wickes Furniture site on the 300 block of East Dundee Road. The village will reimburse up to $8.6 million in tax increment financing district funds to the developer for infrastructure improvements at the site, including sewer lines, roads, stormwater detention and street lighting.
A tax increment financing district, or TIF, is an area where increased tax revenue generated by new developments is funneled to a fund used for improvements for up to 23 years. Other taxing bodies such as schools and the park district continue receiving tax revenues at the amount equal to the property value before the new developments.