Mandel Group Inc. wants to build a six-story building with 84 luxury apartments, a parking structure and a Walgreens Drug Store in the Sendik's parking lot, in Shorewood.
That development, at the southwest corner of N. Oakland Ave. and E. Kenmore Place, would relocate a Walgreens now at that intersection's northwest corner, said Chris Swartz, Shorewood village manager.
An above-ground parking structure would include free parking for customers of Walgreens, 4081 N. Oakland Ave., and Nehring's Sendik's grocery store, 4027 N. Oakland Ave., Swartz said. Apartment residents would have parking in an underground parking structure, he said.
The Shorewood Community Development Authority will conduct an initial review of Mandel's proposal at a meeting scheduled for 7:30 a.m. Friday at Village Hall, 3930 N. Murray Ave.
Mandel is working on its financing for the project, Swartz said. He said it would likely include some village money through a tax incremental financing district.
The TIF district allows the village to borrow money to help finance the project, with the development's property taxes paying off that debt. Once that debt is paid off, the property taxes flow to the village, its school district and other local governments.
Swartz said a specific TIF amount hasn't yet been proposed. Any TIF spending would require Village Board approval. The project also would need zoning approval.
If approved, Mandel hopes to begin construction this year, with completion in late 2012.
Mandel's project could help improve the Oakland Ave. business district, as well as "maximize public parking," Swartz said.
Also, Walgreens' move to a new building would pave the way for Roundy's Supermarkets Inc. to expand its Pick 'n Save supermarket at 4145 N. Oakland Ave., just north of the drug store.
The owner of the Pick 'n Save building, Oakland Avenue Property LP, also owns the present Walgreens building, as well as the adjacent former Harry W. Schwartz Bookstore building, 4093 N. Oakland Ave., according to assessment records.
Harry W. Schwartz closed in 2009, and was succeeded by Open Book, a book store co-op that closed last year.
I'll be calling Mandel and others to get more details. Check back later.