Old Colemans Pub & Grill in Woodstock It could soon become home to a new restaurant if the city moved forward with an agreement with the new owners.
This first hurdle was crossed when the city agreed to a resolution that would allow owners to begin tracking various expenses that could be offset in the future using Tax Increase Funding, or TIF, area dollars and site analysis for potential future plans.
Officials in the past have called for other similar resolutions, called the induction agreement, to be described as a “dating” city for developers, creating the potential for a future development agreement. At this point, the city has not committed any tax funds to the project.
Item passed unanimously by city Council At its meeting on Tuesday without discussion.
Nico Kanakaris, who is a Huntley Village Council Trustee and owner of a number of restaurants around McHenry County, He has been working on opening a new restaurant on site for two years.
Canakaris said Friday that those plans were put on hold after the COVID-19 pandemic returned in 2020. He estimates it could cost $500,000 to make the building rentable and $1.5 million to $1.8 million total to add any further upgrades.
Kanakaris owns the property through Woodstock-based Platinum Property Partners LLC, according to the Secretary of State’s records.
“[The previous owner] “Owned it for 25 years,” Canakaris said. “I don’t think he put anything in it except for bandages.”
Colemans, located at 823 Lake Ave., said Garrett Anderson, director of economic development. It closed in late 2019 after being a longtime popular destination for residents of the city.
“Everyone realizes that vacant buildings are not helping anyone,” Anderson said. “I think she has a lot of potential to be a really great contributor to society again.”
Anderson said that because only a stimulus agreement has been approved, there aren’t many details about what could happen at once. There is still work to be done in evaluating the building and figuring out what costs may be incurred.
The building is located in the TIF district of the city center, allowing some of the development costs to be offset with property tax money. Tuesday’s new agreement will allow those who own the building to begin tracking expenses needed to appraise the property, which will likely be reimbursed if a development agreement comes to fruition.
“It’s too early to announce any plans at this point,” Anderson said.
Based on Anderson’s real estate paper for the building, the owners are looking to lease the space and highlight “the opportunity to open a new restaurant or new retail concept in formerly Colemans Tavern.” The listed rental rate is $7,500 per month.
Kanakaris said they have received some interest in the property, and that it will be open to any kitchen. But he didn’t limit it to restaurants only, saying he’s open to anything.
“It could be a doctor’s office, it could be any kind of retail,” he said. “It doesn’t have to be a restaurant.”
The incentive agreement comes a few months after a series of other similar deals involving other downtown areas. Those agreements were approved in July and August, And dealing with potential suitors for an empty Die Cast site And the Old wood square in the city center, which recently started the demolition process.
As it stands, none of these agreements have so far resulted in development agreements.