Ultra, which has 13 grocery stores in the Chicago area and Northwest Indiana, plans to invest $13 million to improve the parking lot and renovate the former 87,000 square-foot Dominick’s store location near Rand Road and Olive Street. The location across from John Hersey High School has been vacant since 2001.
A 15-year incentive deal gives Ultra Foods an initial 72-percent rebate of revenue generated by a 1-percent sales tax, with the City of Prospect Heights collecting the remaining 28 percent. The percentages will be adjusted a 50-50 ratio in about 10 years.
Prospect Heights expects to receive $2.9 million in sales tax revenue over the next 15 years.
The shopping center parking lot and the former grocery store is in disrepair, but Ultra plans to invest $13 million for improvements in the store and on the lot.
Ultra Foods’ nearest location is in Wheaton on County Farm Road. See more locations …
A Women’s Workout World fitness center recently closed in the Prospect Crossing Shopping Center, but a large nightclub/sports bar is due to open by the end of the year.
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