Regarding the status of Park Tower Market operations.

A statement from Board President Michael Parrie, given at the Monday January 28th Board of Directors:

The current operator of Park Tower Market has been planning to leave and will exit shortly.  The Board recognizes a grocery store is a valuable amenity it wishes to keep for all owners and residents who enjoy the convenience on site in unit 14C in our mall.

During the residents’ forum on August 1, 2018, residents had suggested the Board look into other market operators, and specifically named Go Grocer.  The Board took seriously the suggestion and did research.  In fact, Board Secretary Ken Anderson visited Go Grocer locations at 2930 N. Sheridan Road, 3930 N. Sheridan Road, and 4250 N. Marine Drive.  He described the grocery stores as being clean and bright, aisles of well-stocked shelves, nothing being out-of-date, and the largest store even having a small coffee shop.  He saw fresh fruit and vegetables, frozen foods, dairy, ice cream, beer and wine, snacks, breads, a wide variety of canned goods and household items, pre-packaged sandwiches, wraps, salads, and sushi trays, and a few packages of hamburger meat and small steaks.  Ken stated the prices seemed reasonable and within the range you would expect in a small outlet.

With the assistance of Management, the Board has negotiated the intent for Go Grocer to take possession of the market space under a lease.  The Board has responsibly negotiated for more income per square foot from Go Grocer, in comparison to the current operator, to cover the majority of the unit’s assessment and property tax obligation.  Tonight, the Board will vote in open session on a letter of intent.  More details will be shared about the transition as they become finalized.  You may check out Go Grocer’s website to see what they are about at www.gogrocerchicago.com.  Overall, the Board is thrilled to be considering this reputable grocery operator to serve the market space as a continued amenity for all owners and residents of Park Tower.

For more from the January 28th Board Meeting, review the Post Meeting Roundup Report.