Hy-Vee Corp. has exercised its option to buy the former Kmart building, an abandoned bowling alley and a payday loan store on MacArthur Boulevard in order to build a supermarket and convenience store.
Company spokeswoman Ruth Comer said Friday the Iowa-based retailer would like to begin construction as soon as possible, pending city action on creation of a tax-increment financing district along the boulevard. “We did close on the three properties we were looking at,” said Comer. “We’ll be watching closely what the city does with the TIF, as it will figure into our plans.”
“It’s a huge victory for the boulevard and the neighborhoods,” said Ward 7 Ald. Joe McMenamin. “It means we’re eliminating a major eyesore on the boulevard.”
The public hearing on the TIF is scheduled for noon Monday at the Office of Planning & Economic Development in Municipal Center East, 800 E. Monroe St. McMenamin said there will be a 14-day waiting period between the hearing and city council action.
Increased property tax revenue from development would help pay for other improvements within the TIF.