Aurora City Council approves deal to bring three new restaurants to city’s downtown
The Aurora City Council approved a redevelopment agreement Tuesday night that will bring three new restaurants into the city’s downtown area.
Council members also approved a separate deal with the same developer, JH Real Estate Partners, to add 15 residential units to an historic building already being redeveloped at a second location downtown.
JH Real Estate Partners, which owns a number of properties downtown, restored the historic Hobbs Building, which previously sat vacant in downtown Aurora for almost 40 years. The building was turned into 31 apartment units, 29 of which are already leased, and developers sought to add three restaurants to the first floor of the building.
The restaurants - an Asian fusion, a French and an Italian - will be located at 2, 6 and 12 N. River St. Officials said the restaurants will feature lunch specials and menus, and have dinner menus in the $26 entree range.
Harish Ananthapadmanabhan, one of the JH Real Estate partners, previously told City Council members the restaurants should bring more activity to the downtown area, including as additional dining spots before Paramount Theatre shows.
The restaurant at 2 N. River St., the corner suite that includes two floors and 7,979 square feet, will be Leilani, an Asian fusion restaurant. The restaurant aims to open this summer and would feature up to 150 seats, and also have patio dining in an outdoor space planned for the west side, or the back, of the building.
Next door at 6 N. River St. will be La Ville Lumiere, a French restaurant with a seating capacity of 100 in 3,460 square feet. This restaurant will be developed by one of four master chefs in Illinois, one of 63 in the entire country, Ananthapadmanabhan said. It is planned to be open by the winter.
The restaurant at 12 N. River St., in 3,408 square feet, will be Buona Italia, an Italian restaurant which plans to open in the fall. It will also have about a 100-seat capacity and have patio dining.
Eventually, developers said there could be a banquet facility in the building’s basement shared by all three restaurants.
The entire project costs about $5 million, and according to the deal, JH Partners will put in $2.6 million, and the city will loan the developers about $2.3 million in two loans. One of the loans will be a $1.3 million, second position loan at 5% for 13 years, and the other will be a $1 million forgivable loan, if the project finishes as the developers say it will.
Additionally, a separate development at 100 Cross St. has JH Partners developing 15 apartments in the upper floors of a former warehouse building that has been empty for at least 20 years.
Foreign Exchange Brewery is currently developing a brewpub in the first floor of the 15,000-square-foot building built in 1929.
The approved $5.5 million development deal has JH Partners putting in $1.25 million in equity, getting a loan for $1.7 million and selling another $1.7 million in historic tax credits.
The city’s total commitment in the project is $375,000, with $300,000 going to the residential part of the development. The other $75,000 was committed to the Foreign Exchange part of the project.
