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Developer Snags $7 Million in TIF Funds for Gateway Project

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A group of suburban developers have landed a $7-million tax-increment financing windfall for a Mariano's Fresh Market grocery store they plan to build at Monroe and Halsted in the West Loop. Crain's reports that the TIF money will cover almost 17 percent of the estimated $41.8 million it'll cost to build the 95,125-square-foot building. The city's TIF program was created to help spark economic development in depressed neighborhoods. The West Loop isn't exactly skid row, and this section of the 'hood certainly isn't starving for groceries; a full-service Dominick's is located just across the street. The store will come with a 220-space surface parking lot. No word yet on when construction will begin, but earlier this year developer Sy Taxman said he planned to break ground this summer.
· $7 million TIF goes to Greektown grocery [Crain's]
· Complete Curbed Chicago coverage of The Gateway [Curbed Chicago]

The Gateway

14 South Halsted Street, Chicago, IL 60607