Food store on fast track in Libertyville
The deal has closed, financing is secured and the new owner of a steel skeleton on Milwaukee Avenue in Libertyville is anxious to revive a long-idled project.
"It's hard to imagine what it's going to look like in just a few months," said Kyle Guthrie, a lawyer representing DJB Venture LLC.
The company, comprised of a group of Michigan investors, sees opportunity in finishing an upscale market at 1600 S. Milwaukee Ave., the former site of Frank's Nursery and Crafts.
The idea initially excited village officials as well, but that enthusiasm soured as economy eroded and work on the $10 million-plus project stopped.
The structural steel frame of the proposed market has remained untouched for more than a year, leading the village take the former owners to court to have it removed and the site restored.
That suit was one of the last hurdles in a tangled sale but it was dropped when the former owner agreed to pay legal fees and the new owner agreed to post $100,000 in escrow as a guarantee the project will be completed.
"There were a lot of issues that needed to be resolved just to get to this point," Guthrie said.
Construction is expected to begin within 30 days. The schedule calls for the exterior to be done by June 1, with an opening by Labor Day.
"A lot of people got excited. It's unfortunate with the economic climate the way it is it kind of fell by the wayside," said Guthrie. "Here, it's fully funded so we don't run the risk of beginning the process and shutting it down again."
The investors have done office and commercial projects in Michigan but this would be their first venture into Illinois. Libertyville would be the first of five stores the group plans to open in the North suburbs. Guthrie declined to say where the other locations might be.
"This will be their first foray into the grocery field," he said. "They love the idea. They will go ahead and kind of use the same layout and concept as the previous group did."
Previously known as Fresh Foods, the concept was different from the typical milk and eggs grocery store. At 40,000 square feet it would be about two-thirds the size of a traditional grocery.
The original developers described it as having an upscale mix of gourmet, natural and organic foods modeled after the Central Market chain in Texas. Other features include a cooking school, online ordering and a room for community use.
"They really want to have it be a destination experience in its own right," Guthrie said.
Because the new owners intend to follow the original plan, lengthy village review will not be required. DJB will be required to have a structural engineer examine the steel structure to ensure it is sound.