TIF Redevelopment Agreement Approved for the Hanover Park Village Square Shopping Center
Release date: Wednesday, August 26, 2009
At their August 20, 2009 meeting, the Hanover Park Village Board approved a TIF redevelopment agreement for the Hanover Square Shopping Center on Barrington Road. This shopping center, last updated almost 20 years ago, was in need of substantial rehabilitation. Components of the agreement include, but are not limited to, the purchase and demolition of the former Shires Restaurant at the corner of Barrington Road and Walnut Avenue, a new roof and HVAC system, elimination of the two existing curb cuts along Barrington Road into one, and a revamped parking lot with new landscaping. Additionally, the interior configuration of units will be modified to create more leasable square footage.
The developer, expected to spend almost $7 million on these improvements, is likely to break ground this fall and be completed with the entire project in 18 to 24 months. The developer will also try to retain as many existing tenants as possible and add new national tenants as work progresses.
In addition to having a positive impact on the surrounding community, the project will also utilize local labor. One component of the agreement requires the use of some local contractors and the developer is very interested in attracting as much local interest as possible. When complete, this location will provide an exciting retail experience for shoppers and retailers alike.