Redevelopment Agreement to Bring New Tenants to Elk Grove Town Center
Elk Grove Village is excited to announce that a recent redevelopment agreement will bring new tenants to occupy the former Dominick’s space in the Elk Grove Town Center shopping center, located at the southwest corner of Biesterfield and Arlington Heights Road.
The former grocery store space will be divided, with a Planet Fitness occupying 18,000 square feet, and the remaining 54,000 square feet to be occupied by a grocery store, liquor store or hypermart concept (a combination supermarket/department store) from a regional, national, or global brand.
Planet Fitness is a national franchise with a market strategy that offers high-quality fitness centers at an affordable price. The fitness facility is a customer service based organization that aims to provide a unique environment in which all users can feel comfortable while they exercise. Planet Fitness operates numerous locations in the Chicagoland area and has experience partnering with retail users. Fitness centers can help support nearby businesses by generating foot traffic within a shopping center. Planet Fitness is expected to open later this fall.
Over the past few years, the Village has reached out to numerous businesses to generate interest in the Town Center, and has attempted to work with the property owner on plans for filling this site. Until earlier this year, the lease on the site was held by Albertson’s, whose interest limited development options.
The redevelopment agreement provides for up to $2 million in incentives provided through the existing Grove Mall TIF, to be paid over four years, contingent upon the occupancy of Planet Fitness, and the opening and continued operation of the retail store.
“We are very excited to be able to bring in new tenants to occupy the former Dominick’s site. We hope this development will breathe new life into the Town Center, with the goal that will complement our existing businesses and spur new retail opportunities,” said Mayor Craig B. Johnson.