An overall snapshot of business in Palatine was presented by Mayor Jim Schwantz at a meeting hosted by District 2 Councilman Scott Lamerand on Wednesday at village hall.
Schwantz first discussed the newly created Tax Increment Financing (TIF) District, which includes the six acres at the intersection of Rand and Lake Cook roads where the new Patrick Hyundai will be building once spring weather hits.
The new TIF district, Schwantz explained, also runs south to the UPS at Rand and Hicks roads, in addition to west of the Rand/Lake Cook corner on Lake Cook Road for roughly a mile.
“Patrick Hyundai is already talking about outlots on Lake Cook Road, Hyundai is the hook that could serve to bring even more business to the area,” Schwantz said.
The dealership is expected to be opened by early winter this year.
Schwantz also talked about how the TJ Maxx and Home Goods will soon be moving into the former Linens ‘n Things in the Deer Grove Shopping Center.
Currently, the space is being remodeled, and the retailer is expected to open within the next several months, Schwantz said.
The former Mia Cucina building is to become the newest Tap House Grill location, in addition to the company bringing its corporate headquarters to Palatine. The company is currently renovating the building, and will hopefully have the restaurant and bar opened by summer.
Other new businesses , and Firestone/Bridgestone-located adjacent to Tore and Lukes-which also will be opened in the next month.
Park Place shopping center near Rand and Dundee was discussed, along with the large number of retailers who have left over the last several years, including Whole Foods and Jason’s Deli most recently, Famous Dave’s, Play it Again Sports and others.
“The center’s owner is actively going out to try and revitalize the mall, we will have to wait and see what happens,” Schwantz said.
Regency Plaza, where Anthem Grill was formerly located at Euclid and Quentin Road, also was a topic of discussion.
“As of today, the property is being marketed to either an end-user to utilize the existing space, or to demolish the building and build an outlot with a couple of different users,” Schwantz said.
The former Hotel Bollero/Hotel Indigo was mentioned as well.
“Senior housing was approved there, but it never came to fruition, the newest development is that the property is now up for auction,” Schwantz said.
He added that the village is working right now to have the shredded Hotel Bollero banner high above the ground, removed.
The former Menard’s property was a topic of conversation as well.
“This property still is being actively marketed by the village, but it remains a flea market on the weekends,” Schwantz said.
The positive side, Schwantz said, is that neighboring businesses such as Culvers and Tore and Lukes, do see a close to 10 percent increase in sales over the weekend when the flea market is open.