Wing Park Plaza (Elgin, Illinois) to Get a Makeover
Retail Street
Word on the street is Wing Park Plaza, located at McLean Blvd. (551-587 N. McLean) and Wing Street, will be getting a major makeover. Confirmation has been gleaned by the fact that the “Notice of Hearing” signs have been planted by the City of Elgin.
The Neighborhood retail center is substantially vacant with no major anchor tenant. The Blockbuster store moved out in early March of this year. The economic decline has taken its toll at Wing Park Plaza since the beginning of the real estate downturn in August of 2006.
The center’s owner, Elgin Improvements, LLC (managed by DLC Management), is requesting approval of a re-development plan. A hearing on that plan is scheduled for Monday, April 5, 2010 at 7:00 pm in the City Council Chambers at the Elgin Municipal Building. Under the plan the North building of the center would be demolished and replaced with a 14,280 square foot, free standing, Walgreen’s. Those businesses currently located in the North building would be moved to the nearly completely vacant South building. Businesses including, Bab’s Big Apple Bagels are contemplating such a move.
Walgreen’s currently has a store located at 955 N. McLean, in a small center that it anchors. It is one of its old, ugly stores that do not have a drive-thru pharmacy. That store would close once a new one is built.
As the Great Recession battered Wing Park Plaza and other older neighborhood centers similar to it, I gave thought to the idea that ownership should shift and re-develop them into mixed-use developments. With respect to Wing Park Plaza, perhaps tearing down the South building to re-develop as residential condos. Of course, this could have only been done when the economy improves. Essentially, such a re-development would reduce the supply of retail square footage.
I am glad to see some development forthcoming. Though, this particular retail development will be economically neutral as one Walgreen’s will close and be replaced with the newer Walgreen’s business model. Overall it is very positive. A fresh, newer Walgreen’s across from the recently re-built Illinois Park School will create entrepreneurial stimuli to an otherwise drab retail area.
Tags: Commercial Real Estate, Elgin, Illinois, Re-development, Retail, shopping centers, Wing Park Plaza
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