The cavernous former Dominick's and Joe Caputo & Sons grocery store space within the Elk Grove Town Center is slowly starting to fill back up.
Village officials announced a 9,500-square-foot Dollar Tree will be coming to the shopping center on the southwest corner of Arlington Heights and Biesterfield roads. It follows the recent opening nearby of a 31,000-square-foot retailer that sells personal protective equipment.
In February 2019, an 18,000-square-foot Planet Fitness was the first to open in a portion of the former Caputo grocer, which shut its doors three years earlier amid financial trouble.
Mayor Craig Johnson said there's still one more tenant space of about 14,500 square feet left to fill, and officials are in discussions before finalizing a deal.
There's incentive for the property owner, R&R Global Partners, LLC, to get the deal done, per the terms of an updated redevelopment agreement the village board approved last week.
The Bryn Mawr, Pennsylvania-based private investment firm will get $750,000 in tax increment financing funds with the opening of the PPE retailer and Dollar Tree.
And R&R is eligible for up to another $750,000 once the final vacancy is filled and generates $110,000 in sales taxes by December 2021, according to the agreement.
Under the initial deal approved in 2018, the developer got $500,000 after the opening of Planet Fitness.