Edgeville Buzz

Northside Toyota Likely To Move Out Of Edgewater, Future CTA Red Line Project Blamed

Toyota-1Northside Toyota at 5625 N. Broadway could soon be moving out of Edgewater to the old “Z” Frank Chevrolet lot at 6016-60 N. Western. The building that housed the Chevrolet dealer was demolished in 2008 and eventually sold to Northside Toyota’s owner, Bob Loquercio.

After it is built, the move would send the Toyota/Scion dealership into a brand new 49,000-square-foot space that will include a showroom and service department. It will also include a separate 22,000-square-foot lot that will be able to accommodate 222 vehicles. Also, Mayor Rahm Emanuel’s office confirmed that the new location will add 65 new jobs to its 120 current employees.


Proposed Edgewater Toyota from 2012

According to a DNAinfo article released today, the dealership can take advantage of new tax incentives to help facilitate the $25.7 million construction project. Emanuel’s office said that those incentives could reduce the property taxes of eligible commercial spaces like Chicago Northside Toyota to the tune of $1.5 million over five years. In turn, the new dealership will bring in an estimated $71.8 million in sales tax revenue in that same five-year period.

Back in January of 2012, the dealership initially proposed a three-phased redevelopment of its current properties at Broadway and Hollywood. However, last year, the CTA announced the need to demolish a portion of the dealership in order to accommodate construction of the proposed 2017 Red Line modernization project. Loquercio confirmed to DNAinfo that the CTA plans were the reason for the move.

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