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Macy's : Up to 10 new restaurants possible on Macy's Furniture Gallery site in Oak Brook

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08/14/2019 | 06:09pm EDT

Aug. 14--Oak Brook would get seven to 10 new restaurants in a new $60 million development proposed for the Macy'sFurniture Gallery site at 1717 22nd Street, just east of the Costco.

Chicago-based GW Properties provided the Village Board an overview Tuesday of its plans for its Center of Oak Brook redevelopment project, which calls for demolition of the existing 110,000-square-foot furniture store and construction of seven new buildings to mainly house restaurants, along with some retail space on the 9.4-acre site.

Tony Budzikowski, Oak Brook's development services director, said this preliminary review by the Village Board is the first step in a process, but important to provide early feedback to a developer.

The proposal now goes to the village's Planned Development Commission for review and a recommendation, before coming back to the Village Board for final approval.

GW Properties purchased the Macy'sFurniture Gallery property in December 2018, and Macy's plans to move its furniture into its Oakbrook Center department store, said Mitch Goltz, principal at GW Properties.

He said Macy's plans to leave the 22nd Street storefront at the end of November.

"We'll demolish the building after they leave the site and hope to start work there in early 2020," Goltz said.

He identified four of the restaurants planned for the new development:

--Panera Bread, which will close its location at 1600 16th St., Oak Brook, in favor of a new store with a drive-thru

--Lazy Dog, Restaurant and Brewery, a California-based casual dining chain that has a location in Vernon Hills and one scheduled to open soon in Naperville

--Urban Plates, which has locations only in California and the Washington, D.C., area and bills itself as having "made-from-scratch meals that won't break the bank," including seven offerings for $10 each and a variety of seasonal meals

--Wildberry Pancakes and Cafe, which has two restaurants in Chicago and one each in Libertyville and Schaumburg, and specializes in breakfast items and also has sandwiches, salads, paninis and wraps on the menu.

Goltz said a sushi restaurant is likely in a multitenant building that will house up to four different businesses. He also is hoping to build a two-story entertainment/restaurant business as part of the development.

Zoning changes will need to be needed to reduce the 22nd Street building setback from 100 feet to about 25 feet for the retail and restaurant buildings.

"I think the setback is something we'll find a compromise for that works for everyone," Village Board member Michael Manzo said. "It's a great project and a great asset to the village."

Village President Gopal Lalmalani agreed, calling the development exciting.

Goltz said GW Properties plans to use the space occupied by Macy's Furniture along with what now is adjacent vacant land at the southwest corner of 22nd Street and Route 83.

He said GW Properties anticipates using underground detention facilities to meet the stormwater requirements of the DuPage County Storm water ordinance.

"The proposed project is compatible with the vast amount of nearby retail and restaurant projects in the Oak Brook corridor," Goltz said.

___

(c)2019 Pioneer Press Newspapers (Suburban Chicago, Ill.)

Visit Pioneer Press Newspapers (Suburban Chicago, Ill.) at www.chicagotribune.com/suburbs

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials (USD)
Sales 2020 24 873 M
EBIT 2020 1 320 M
Net income 2020 907 M
Debt 2020 3 246 M
Yield 2020 9,37%
P/E ratio 2020 5,63x
P/E ratio 2021 6,06x
EV / Sales2020 0,33x
EV / Sales2021 0,35x
Capitalization 4 983 M
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Mean consensus HOLD
Number of Analysts 19
Average target price 18,76  $
Last Close Price 16,13  $
Spread / Highest target 67,4%
Spread / Average Target 16,3%
Spread / Lowest Target -13,2%
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Jeffrey Gennette Chairman & Chief Executive Officer
Harry A. Lawton President
Robert B. Harrison Chief Operations Officer
Paula A. Price Chief Financial Officer
Naveen Krishna Chief Technology Officer
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