Former Buffalo Grove Dominick’s redevelopment gets financial backing

Buffalo Grove-based Shorewood Development Group has secured financing for its effort to revitalize the former Buffalo Grove Dominick’s site into a two-tenant space shared by a grocer and fitness studio.

Associated Banc-Corp., a bank holding company based in Green Bay, Wisconsin, announced Wednesday it finalized a $22.6 million loan to Shorewood.

The funds will be used to acquire and renovate the 66,083 square-foot former grocery store at 1160 W. Lake-Cook Road.

The long-vacant space in the Chase Plaza shopping center at Arlington Heights and Lake-Cook roads will be converted into a Club Studio fitness center and a Sprouts Farmers Market grocery store.

This is Associated Bank's 13th loan to Shorewood Development Group, a major player in the redevelopment of Buffalo Grove. Its projects have included Woodman’s, the Shops of Buffalo Grove and the Tesla dealership on Dundee Road.

The Buffalo Grove village board recently approved a development improvement agreement with SDG Lake Cook LLC, the entity affiliated with Shorewood, formalizing the financial and construction obligations tied to the Phase One redevelopment of Chase Plaza.