Jewel ready to put for sale sign on downtown Wheaton store

After more than a year of standing empty, a former Jewel Food Store in downtown Wheaton is scheduled to be put up for sale in the coming weeks.

But with Jewel-Osco expected to ask potential buyers to pay $3 million to $4 million for the 19,500-square-foot building along Willow Avenue, Wheaton leaders say they aren't optimistic the property will sell quickly.

"We are pleased they are putting it on the market," said Mayor Michael Gresk, who learned of the sale during a Tuesday meeting with Jewel-Osco representatives. "But I don't expect any real movement because of the economy."

Previously, Gresk and other city leaders said they were confident a replacement grocer wouldn't be difficult to find.

But Gresk said he doesn't believe the grocers who have expressed interest could afford the anticipated asking price, especially since the building likely would need to be torn down and replaced.

"I don't know how realistic that (asking price) is," he said. "They are going to base their price on what previous sales had been. But real estate values have fluctuated greatly during these economic down times."

A Jewel-Osco spokeswoman Wednesday confirmed the company will place the property up for sale in the next few weeks. She declined to comment about the specifics.

The store closed in February 2008 after more than four decades in operation. But the sale was delayed so CVS Caremark Corp. and Supervalu Inc. - Jewel-Osco's parent company - could sort out their co-ownership of the building. Supervalu finally acquired CVS' share of the site and became the property's sole owner last month, officials said.

Jewel-Osco is only looking to sell the site, Gresk said, and is not interested in renting the space to another business.

"The hurdle of ownership has been taken care of," he said. "The hurdle of listing it has been taken care off. Now the challenge will be can anyone with a grocery background have the capital to invest in the land and build a store?"

Gregg Slapak, founder of Citizens for a Downtown Wheaton Grocery Store/Market, said he and other downtown residents realize it might be a long time before the shuttered store is redeveloped.

"If somebody can make a go of it, it would be a real nice cornerstone for the city of Wheaton," he said. "But it's going to sit there as a blighted property for quite some time."

He also expressed concern about the nearby former Hubble Middle School property sitting vacant. Real estate consultants and a steering committee are expected to take at least two years to determine the best use for that 22-acre parcel at Naperville and Roosevelt roads.

"So the south entryway into Wheaton isn't too appealing at this point," Slapak said.