Developers under contract for the former Jewel-Osco property in downtown Wheaton hope to begin construction on a medical office building early next year.
Last week, developer Marty Burke said during the Downtown Wheaton Association's second annual Broker's Walk that the development will be a "beautiful" three-story, 40,000-square-foot medical office building, and he hopes to start construction sometime in February or March.
Wheaton Director of Economic Development Jim Kozik said the developer is currently under contract with the seller and performing due diligence on the deal.
Wheaton Mayor Mike Gresk said at his annual State of the City address in January that the neighboring may have in downtown Wheaton. He said a developer was then completing due diligence on the Jewel property. The property's owners reduced the asking price in 2010 from $4 million to $3.25 million, Gresk said. He said he estimated the selling price would be "a whole lot less" than $3.25 million, according to the Daily Herald.
The property, 114 E. Willow Ave., is a 1.45-acre lot that includes a vacant, 19,574-square-foot retail building, with 77 parking spaces according to the city's website.