American-Style Eatery Set For Clarendon Hills: Village

CLARENDON HILLS, IL – The property owner at 27 and 29 S. Prospect Ave. wants to combine the vacant units and open an American-style restaurant, the village says.

This building was most recently occupied by La Pearl and I Want Candy. It has been mostly vacant since Sue's Cakery closed in 2019, according to a village memo.

The new restaurant would be called Prospect Tavern, serving both lunch and dinner, the village said. The owner is listed as Chase Lofti, whose business is in Hinsdale.

According to the memo, the business is seeking $265,000 from the village's downtown tax increment financing district, or TIF. Of that money, $50,000 would be tied to opening the business within six months.

The overall project expenditure is expected to be nearly $600,000. Projected sales and food taxes are estimated at $110,000 annually, based on the owner's comparable former restaurant in La Grange, the memo said.

With the projected sales, the proposed tax district expenditure is expected to be paid back through taxes in less than 2½ years, the village said.

"Importantly, the TIF request eliminates two existing downtown vacancies and provides a new restaurant location within the downtown on Prospect Avenue," the memo said. "The improvements will stay with the building and be positive for filling the spaces in the future, if necessary, which have struggled to find long-term tenants."

Under the proposed agreement, the village could put a lien on the property if the restaurant closes in less than five years or fails to perform.

On Monday, the Village Board is expected to vote on the tax subsidy.

Under state law, the growth in a TIF's property tax income is reinvested in the district.