Developer David Smith told the Chicago Tribune the 34,000 square-foot space will cost $8 million and he expects the mega-restaurant and banquet facility to be a destination for visitors to downtown Lake Zurich. The village of Lake Zurich has set up a tax increment financing district downtown with the hopes of drawing more development, according to the article.
The Lake Zurich Village Board last week approved $49,000 in fundsto help finance the demolition of the old Lake Zurich Inn, 20 S. Old Rand Road, and also help pay for a paved parking lot, which will be located adjacent DiPiero's Ristorante, 17 E. Main St., according to the Lake Zurich Courier.
The new parking lot will provide 20 to 30 new spots and six of those spots will be reserved for DiPiero's customers, according to the article. The Lake Zurich Courier reports the hope is that the projects will help"encourage development in other areas of the downtown" and will increase property values.
The Chicago Tribune has more on this story.