Another big box retailer eyeing Lake in the Hills Dominick's site
A big box retailer is eyeing the vacant Dominick's property at Algonquin and Randall roads in Lake in the Hills, a village official said Monday.
The retailer and property owner have agreed on a purchase price for the building and land, though the sale has not been finalized. The developer is seeking cash incentives from the village to offset renovation costs, said George Hahne, Lake in the Hills economic development coordinator.
Though no formal plans have been submitted as yet, the village board will consider an incentive package for the retailer at its May 24 committee of the whole meeting, he added.
"The two villages that they put stores in, they received incentives," said Hahne, who would not identify the business until the board reviews the incentive package. "It's a regional big box retailer. What they're asking from us is nothing unusual. They have a track record. We've spoke to the villages that they have gone into. They are very good people to work with. Everybody's happy."
In 2014, the village adopted an economic incentive policy to help promote new investment from restaurants and independent small businesses looking to locate in areas where existing buildings require upgrades or remodeling.
Since even before Dominick's shuttered in early 2014, officials have come across roadblocks in their efforts to recruit retailers for or redevelop the property, at the northeast side of Randall and Algonquin roads in the Center at Lake in the Hills shopping center. Two other retailers eyeing the site backed out of the deal, one citing the impact of proposed road improvements at the nearby intersection.
The ongoing Randall Road road widening is not an issue with the retailer currently interested, Hahne said.
The developer is seeking to renovate and expand the existing building by adding 8,000 square feet on the north side for a total footprint of 80,000 square feet. Neighbors to the north of the site are a new swim school and a doctor's office completed last summer.
Work on the retail store would be done over the summer with the goal of opening by mid-October, Hahne said.
Village officials have been in discussions with the retailer for nine months and met with the developer Monday to work on more detailed plans for the property.
"Once we agree on the incentives, then everything is going to fall into place," Hahne said.