The owners of the will be seeking a partnership with the Village of Deerfield at no out of pocket cost to the taxpayers at the June 18 Board of Trustees meeting as part of their $26 million redevelopment package, according to a report by Deerfield staff.
Gateway Fairview, the owner of the shopping center, will ask Deerfield to establish a special business district allowing a portion of new sales taxes generated by the renovated shopping center to help defray the costs.
“We’re very excited Deerbrook will be renewed,” . “We anticipate receiving a letter of intent and cooperating with the developer.” She emphasized the plan will cost the Village nothing and will ultimately increase sales tax revenue.
Deerbrook must demonstrate to the Village it has a need for the assistance through a detailed plan. “They will have to prove the necessity for it,” Rosenthal said. “Any decision on sales tax will have a limit and there will be a written agreement.”
It is anticipated the letter of intent will be presented at the June 18 meeting.
The initial phase of the work will cost approximately $6 million and include . Starbucks will be moved to a freestanding location with a drive through window adjacent to Chase Bank during the first portion of the project.
The report indicates it will take four months to demolish the existing space between and Back to Bed and 14 months to relocate to that location.
The second phase of the project is expected to cost approximately $20 million and begins with a five-month demolition of the indoor mall, the and the current Best Buy Space. .
A new store will be built for Jewel in the current location of Best Buy. It is anticipated this will last 15 months according to the report. At the same time, junior box stores will be erected between the existing Ulta location and the proposed new Jewel as well as construction of small shop space where the current Jewel is located.