LAKE IN THE HILLS – The auction for a Lake in the Hills shopping center that includes the former Dominick’s store has been stalled again.
The auction already has been pushed back twice, and it now is rescheduled for March 19 to 21 on Ten-X Commercial, an online real estate search and transaction website. The starting bid begins at $1.2 million, and a $10,000 participation deposit is required.
An auction originally was planned for last summer, but it was pushed to Feb. 26 to 28.
Economic development coordinator George Hahne previously told the Northwest Herald that the holiday season pushed back the auction because Transwestern, the real estate firm for the property, said it needed more time to do its due diligence – to create reports on the building’s quality, conduct road studies and more.
Algonquin/Lake in the Hills Chamber of Commerce Executive Director Katrina McGuire said she is excited to see more vacancies be filled, and she believes the auction will be wonderful for the community to get businesses running again.
“Some are looking to use existing facilities, and some are looking to knock the whole building down and rebuild,” McGuire said. “Depending on what price the buildings sell for will decide how much money will be put into it.”
About 17 percent of the 99,451-square-foot space is leased, according to Ten-X.
Rumors have circled about Aldi’s intent to move into the 22,000 square feet of the vacant Dominick’s site. Aldi’s Batavia division Vice President Laura Branneman said that at this time, the store has no updates regarding a potential new store.
Attempts to reach Hahne and a representative from Transwestern on Wednesday were unsuccessful.