Cook County Board of Commissioners Approve a $2.5 Million Loan Under BUILT in Cook Funds to Help Launch New Grocery Store
Cermak Fresh Foods to locate on former Field’s campus at Diversey and Pulaski
The Cook County Board of Commissioners approved a $2.5 million dollar loan under the BUILT (Broadening Urban Investment to Leverage Transportation) in Cook Loan Program to build a Cermak Fresh Foods grocery store at the former Marshall Field’s (Macy’s) warehouse campus.
The project, located at 4000 W. Diversey in Chicago, involves renovation of a 70,000-square-foot structure to be repurposed for use as a grocery store. The complete renovation is estimated to cost $12.6 million. BUILT in Cook loan proceeds will be applied to the purchase of grocery store equipment within the new Cermak Fresh Foods.
“The BUILT in Cook Program allows us to provide much-needed loan support for business development and job growth,” said Cook County President Toni Preckwinkle. “With this program, we are able to go into communities and really make a positive difference.”
“I believe this new grocery store fills a need in the community and will be an economic anchor at this location,” stated Commissioner Luis Arroyo Jr., 8th District. “Residents from throughout the northwest side of Chicago will be able to shop here.”
The project will provide approximately 120 jobs for the local community. Once construction is completed later this year, it will be part of a larger complex with more commercial, office and living space.
BUILT in Cook is one component of the “toolkit” developed by the Preckwinkle administration to spur economic development in Cook County. Cermak Foods is the second project approved through this program with three more currently in the pipeline.
Also known as the Section 108 Loan Pool, the BUILT (Broadening Urban Investment to Leverage Transportation) in Cook program allows the County to borrow money from private investors at reduced interest rates to promote economic development, stimulate job growth and improve public facilities.
