Chicago's Leading Food & Drug Retailer Announces the Construction
of its 73rd City Store
MELROSE PARK, Ill., Dec. 9 /PRNewswire/ -- Mayor Richard M. Daley,
Alderman William Beavers (7th Ward), Jewel-Osco CEO Greg Josefowicz, and James
M. Whittington, Senior Vice President and Director of Investments, U.S.
Equities Realty, Inc. will take the first steps in the retail revitalization
of the 95th Street and Stony Island area with the official groundbreaking of
Stony Island Plaza, anchored by the 73rd Jewel-Osco store in the city of
Chicago on Wednesday, December 9, at 10:00 a.m.
Jewel-Osco will be the anchor tenant for what will be an 18-acre 180,000
square foot retail shopping center on the southeast corner of 95th Street and
Stony Island Avenue. Vacant since 1990, the location in the Jeffrey
Manor/Chatham neighborhood will be named "Stony Island Plaza." U.S. Equities,
serving as exclusive leasing and management agent, as well as developer for
the project has signed a long term lease with Jewel-Osco and executed an
additional 13,640 square feet of retail leases for the center, located on one
of the South Side's largest infill development areas. More than 20,000 square
feet of new leases are also in the negotiation stage. Part of a tax-increment
financing district established in 1990, the development has received final
City Council approval for $5,125,000 of TIF funds, as well as a $12 million
HUD-sponsored Community Development Block Grant loan.
"Today represents the culmination of years of planning and development to
create new jobs and additional economic development opportunities for
residents and families throughout this community," said Mayor Daley. "The TIF
has allowed the city and Jewel-Osco to work together to make sure this South
Side neighborhood continues to flourish."
Jewel-Osco's commitment to this neighborhood continues a long-term
relationship with the South Side of Chicago. Construction of the site will
produce more than 250 jobs and the shops are expected to create about 400
permanent jobs, 250 at the Jewel-Osco.
"Jewel-Osco is pleased to be part of the growth and revitalization of this
commercial district," said Jewel-Osco CEO Greg Josefowicz. "We look forward
to serving this community for a long time to come."
With this new store and the major renovation of five existing stores on
the South Side, Jewel-Osco's capital investment in 1999 in the city of Chicago
will total more than $20 million.
"This is one of the many types of projects for which TIF districts were
intended," said Robert A. Wislow, U.S. Equities' chairman. "The community has
needed a stronger retail presence at this location for some time; however,
because of the site's particular characteristics, the development was feasible
only with TIF assistance. We are excited that we can play a part in serving
this thriving community's retail requirements." More than 250,000 people live
within three miles of the planned center, he added.
"LaSalle National Bank's financial support of Stony Island Plaza will reap
big returns for the residents of the surrounding communities," said Breck F.
Hanson, executive vice president, Commercial Real Estate Department, LaSalle
National Bank. "This development will provide jobs and easy access to a wide
range of goods and services that previously had been unavailable to area
residents."
The 71,500 square foot Jewel-Osco will be state-of-the-art, like all new
and remodeled stores, featuring expanded perishables including dairy, produce
and frozen foods; hot food case in the Chef's Kitchen deli; service meat
counter; walk-in floral cooler; one-hour photo shop; and a lease-operated
Regio's Pizza Express, which will provide on-site baking, sales and delivery.
The scheduled opening for the new Jewel-Osco is late 1999.
Jewel-Osco contributes more than $1 million a year to support charitable
and community organizations focusing in three main areas, food and nutrition,
health and education. For almost 100 years, Jewel-Osco has demonstrated its
commitment to the community through its charitable contributions and community
outreach programs, such as neighborhood festivals and health fairs.
Jewel-Osco operates 118 stores in Illinois, Indiana, Iowa and Wisconsin.
Of those, 162 are in combination with Osco Drug. Jewel-Osco also operates
80 stand-alone Osco Drug stores in Chicagoland and the Milwaukee area. The
company is a subsidiary of American Stores Company, Salt Lake City, Utah, one
of the nation's largest food and drug retailers operating 1,568 stores in
twenty-six states.
U.S. Equities Realty, Inc. is a leading full-service commercial real
estate firm based in Chicago. The company represents clients throughout the
United States and in South America, providing tenant representation and
consulting through its corporate services group; management and leasing of a
50.5 million-square-foot portfolio through its asset management services
group; acquisition, disposition and financing of real estate assets through
its investment services group; and development, program management,
build-to-suit and construction oversight services through its development and
construction affiliate, U.S. Equities Development, Inc.
SOURCE Jewel-Osco
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/048750.html or fax,
800-758-5804, ext. 048750
CONTACT:
Karen Ramos of Jewel-Osco, 708-531-6511; or
Sharon Burge of U.S. Equities Realty, Inc., 312-456-7102
|
