Post by title1parent on Dec 10, 2009 21:14:18 GMT -5
www.suburbanchicagonews.com/beaconnews/news/1931600,2_1_AU10_ARWADY_S1-091210.article
Developer plans 'restaurant row' for New York Street
Billy Goat Tavern may open there in March
December 10, 2009
By ANDRE SALLES asalles@scn1.com
AURORA -- By March 1, downtown Aurora could have its own Billy Goat Tavern and Grill.
Developer Steve Arwady unveiled plans on Wednesday to create what he calls a "restaurant row" on West New York Street, directly across from Ballydoyle.
He wants to transform the row of buildings, which once housed Bacce Pizzeria and Lennie's New York Deli among other businesses, into a destination point, and he's planning to spend $3.9 million to do it.
He's already bought four buildings (29, 31-33, 35 and 37 W. New York St.) at a combined cost of $2.3 million. He's brought in the Comfort Zone Barbecue, which opened at 37 W. New York St. in August.
But his biggest coup is snagging the Billy Goat Tavern, a chain restaurant with nine locations, including one on Michigan Avenue in Chicago.
According to a letter signed by President Bill Sianis, the Billy Goat Tavern is set to sign a five-year lease for the lower level of 29 through 33 W. New York St., and they would like to be open by March 1. That doesn't leave Arwady much time, but he's confident he can pull it off.
The new development would span 18,750 square feet on three levels. It would include commercial spaces on the first floor, and six residential apartments on the upper floors. Arwady also plans to build a large second-floor deck in the back for outdoor seating and construct a public plaza off of Pinney Street.
But more than that, Arwady says, his project will hopefully revitalize an area of the city that has seen numerous false starts, and provide some synergy with Ballydoyle. He envisions creating an entertainment hotspot at that end of New York Street, and believes the reason so many restaurants have failed there is that they've opened in isolation.
"One restaurant without that synergy has a harder time to make it," he said. "But once you make it a destination point ... now you have a place to go."
Arwady is asking for $1.25 million in tax increment financing funds to reimburse him for buying the property and renovating it. That money will be paid out over three years, and $450,000 of it is contingent on the Billy Goat Tavern remaining in that location.
If the deal is approved, Arwady will be reimbursed $700,000 in 2010, $400,000 in 2011 and $150,000 in 2012.
This will be Arwady's second downtown project. He also plans to build 19 condominium units at the old Elks Club building at Downer Place and Stolp Avenue and bring Chef Amaury's far East Side restaurant to that building's first floor.
That project has slowed while Arwady secures financing and, according to development consultant David Dorgan, the developer has applied for a federal small business administration loan to make it happen.
The Finance Committee unanimously approved the project Wednesday. The full City Council will get a look at it next Tuesday and is scheduled to make a final decision on Dec. 22.
Developer plans 'restaurant row' for New York Street
Billy Goat Tavern may open there in March
December 10, 2009
By ANDRE SALLES asalles@scn1.com
AURORA -- By March 1, downtown Aurora could have its own Billy Goat Tavern and Grill.
Developer Steve Arwady unveiled plans on Wednesday to create what he calls a "restaurant row" on West New York Street, directly across from Ballydoyle.
He wants to transform the row of buildings, which once housed Bacce Pizzeria and Lennie's New York Deli among other businesses, into a destination point, and he's planning to spend $3.9 million to do it.
He's already bought four buildings (29, 31-33, 35 and 37 W. New York St.) at a combined cost of $2.3 million. He's brought in the Comfort Zone Barbecue, which opened at 37 W. New York St. in August.
But his biggest coup is snagging the Billy Goat Tavern, a chain restaurant with nine locations, including one on Michigan Avenue in Chicago.
According to a letter signed by President Bill Sianis, the Billy Goat Tavern is set to sign a five-year lease for the lower level of 29 through 33 W. New York St., and they would like to be open by March 1. That doesn't leave Arwady much time, but he's confident he can pull it off.
The new development would span 18,750 square feet on three levels. It would include commercial spaces on the first floor, and six residential apartments on the upper floors. Arwady also plans to build a large second-floor deck in the back for outdoor seating and construct a public plaza off of Pinney Street.
But more than that, Arwady says, his project will hopefully revitalize an area of the city that has seen numerous false starts, and provide some synergy with Ballydoyle. He envisions creating an entertainment hotspot at that end of New York Street, and believes the reason so many restaurants have failed there is that they've opened in isolation.
"One restaurant without that synergy has a harder time to make it," he said. "But once you make it a destination point ... now you have a place to go."
Arwady is asking for $1.25 million in tax increment financing funds to reimburse him for buying the property and renovating it. That money will be paid out over three years, and $450,000 of it is contingent on the Billy Goat Tavern remaining in that location.
If the deal is approved, Arwady will be reimbursed $700,000 in 2010, $400,000 in 2011 and $150,000 in 2012.
This will be Arwady's second downtown project. He also plans to build 19 condominium units at the old Elks Club building at Downer Place and Stolp Avenue and bring Chef Amaury's far East Side restaurant to that building's first floor.
That project has slowed while Arwady secures financing and, according to development consultant David Dorgan, the developer has applied for a federal small business administration loan to make it happen.
The Finance Committee unanimously approved the project Wednesday. The full City Council will get a look at it next Tuesday and is scheduled to make a final decision on Dec. 22.