Wolff's Flea Market extends Palatine lease

The crafts, clothing and collectibles that have made Wolff's Flea Market a popular destination for bargain hunters in recent months won't leave Palatine anytime soon.

Palatine officials on Monday granted owner Dave Wolff's request to extend the flea market's lease at the vacant Menard's building until March 31, 2011.

"We've been averaging more than 300 vendors and about 5,000 customers per weekend, so we've been very happy," Wolff said.

With Palatine running both days of the weekend, Wolff's outdoor location at the Allstate Arena parking lot in Rosemont will operate only on Sundays this year starting April 25. Wolff decided to scale back because Saturdays in Rosemont have proven slow over the last three seasons, while Sundays attract up to 650 vendors and 13,000 shoppers.

But both Wolff and Palatine officials acknowledge their partnership isn't permanent.

After Menard's moved to a new building in Long Grove, the village bought the property at 1775 N. Rand Road. There haven't been any serious redevelopment proposals, so this is a way for Palatine to earn $10,000 a month in rent from Wolff's while a real estate broker markets the site. Besides rent, Wolff's pays for property taxes, maintenance costs and utilities.

Initially, Wolff's also had to pick up the tab for Palatine police to direct traffic. A few weeks after the flea market's Nov. 21 opening last year, police decided their presence wasn't necessary. Wolff said not having that expense increased the site's appeal to him.

The lease allows for either party to provide 120 days notice to end the license agreement in the event a buyer comes forward or Wolff's finds a permanent indoor location.

"We've had a number of interested parties in the space," Village Manager Reid Ottesen said, "but right now I think it's more the window shopping people looking to line up their first transaction for when they're starting to invest in properties again as opposed to doing something today."