A city panel signed off on a $24.8-million subsidy for a mixed-use development in the Little Village neighborhood that’s to include a grocery store, movie theater and apartments.
The Chicago Community Development Commission voted Tuesday to approve the tax-increment financing (TIF) grant for the $132.7-million project on a 16-acre site at 4400 W. 26th St., near the border of Cicero. The subsidy now must be approved by the City Council.
Beverly Hills, Calif.-based Primestor Development Inc., known for its work in urban Hispanic markets, plans to demolish one of the existing industrial buildings at the site and redevelop the other one, known as the Keating Building.
The first floor would be converted into a retail market that would be “designed for small vendors similar to traditional Latin American mercados,” according to a city planning department staff report. The upper floors of the Keating Building are to include 70 apartments — 14 of which would be affordable housing — along with 30,000 square feet of office space.
Primestor also plans to build a 45,000-square-foot grocery store, a 45,000-square-foot movie theater and a 25,000-square-foot apparel store along with a 15,000-square-foot drugstore and another 52,000 square feet of small-shop space.
The developer, which has a Chicago office and is also developing a larger shopping center at Interstate 57 and 119th Street on the South Side that’s to be anchored by Target and Jewel stores, gained control of the Little Village site in 2005 and 2006, according to the planning department report. Calls to Primestor principals and a local executive weren’t returned.
Primestor has equity backing from Prudential Insurance Co., the report says, and is in “advanced discussions with a number of lenders,” including U.S. Bank, J. P. Morgan Chase & Co. and Capmark Financial Group Inc.
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