A developer of a project to be anchored by Mariano's Fresh Market in Lake Zurich has received permission to drop a bank from the original plan and create more parking spaces.
Bradford Real Estate Cos. intends to build more parking for Mariano's where the Chase bank had been slated at the northwest corner of Route 22 and Quentin Road in Lake Zurich.
Bradford's vice president of design and construction, William Shank, cited Mariano's popularity in Vernon Hills -- necessitating two parking lot expansions since opening in June 2011 -- as part of the request for more spaces than initially approved in Lake Zurich.
Village board trustees at a meeting Monday voted 6-0 in favor of granting an amendment to the plan for what would be called Bradford Town Crossing.
Shank, in a letter to Lake Zurich, said the originally proposed 423 parking spots for Mariano's should wind up in the vicinity of 520.
"Mariano's success has motivated them to find ways to expand parking lots at many locations," Shank said.
Mariano's in Vernon Hills has gone from 283 to 537 parking stalls, according to the company.
Citing poor soil conditions on the east, Bradford intends to shift the planned 73,000-square-foot Mariano's to the west side of the property at Route 22 and Quentin.
If built, Mariano's would be joined by a McDonald's restaurant near Harvest Bible Church. Chase and another bank no longer are in the plan that's been revised three times.
Lake Zurich's elected officials last year approved a sales-tax rebate agreement that may result in up to $2 million going to Chicago-based Bradford Real Estate.
Under the incentive agreement, Lake Zurich would rebate an estimated $1.5 million in sales tax generated principally by Mariano's to reimburse Bradford for its costs to make off-site improvements necessary for the development. Bradford's expenses are to include constructing a left-turn lane on Route 22, along with extending and installing about 1,600 feet of public water main north across Harvest Bible's property and west to Cedar Creek subdivision. An additional rebate provision may generate another $500,000 for the developer, officials said, bringing the total incentive package to roughly $2 million. While the deal calls for payments to stretch over 20 years, officials said it may only take a little more than half the expected time to refund the full amount to Bradford.
Shank could not be reached for comment on the projected opening date for Mariano's.Copyright © 2014 Paddock Publications, Inc. All rights reserved.