Tinley Poised To OK $10M In Incentives For Shopping Center

Country Club Hills IL

03 September, 2020

1:16 PM

Description

TINLEY PARK, IL — Tinley Park officials gave the OK to incentives worth $10 million dollars for a shopping center owner who plans to give the property a $22 million makeover, according to a Chicago Tribune report. This agreement could last up to 10 years and will not have any money paid upfront. Instead, it will rely on revenue that is expected to come in from the new tax increment financing district, recently reported by Patch. The Tinley Park Plaza property is owned by Brixmor Property Group. The property is located at the southeast corner of 159th Street and Harlem Avenue. The shopping center houses nearly 250,000 square feet of retail space, according to the Tribune. Tenants in the plaza include Walt's, Dollars Tree and Planet Fitness. Trustees will vote on the incentive plan at the village board meeting set for 7:30 p.m. Sept. 15 at Village Hall, 16250 S. Oak Park Ave. As previously reported by Patch, when the TIF was initially created, officials hoped to fill the vacancies in the plaza. The Tribune article noted that a soft goods retailer that is planning to occupy 25,000 square feet of the location has not been identified. The Tinley Park Plaza was developed in 1974 and has been owned by Brixmor since 1995. Patch has reached out to Brixmor Property Group and will update if a response is received.