Village officials are hoping a trade of property will bring a new business into Willow Springs.
They already know the trade will result in a parking lot that’s needed.
At its September meeting, the village board approved an exchange of real estate with Heidner Properties.
Village Administrator Ryan Grace explained the trade of what’s commonly called the Gilmart Property at 123 Market Street.
It’s the first floor of the building that sits west of Market Street and north of Archer Avenue.
The greenspace is also north of Archer, on the east side of Market Street.
The village obtained the Gilmart site last year and had it appraised to determine the worth being $475,000 in its current use.
“After some consideration of best uses and zoning, we had a zoning hearing and we changed the zoning to multi-use,” Grace said.
That means the building will have commercial on the first floor with residential units on the second and third floor, similar to buildings nearby, Grace said.
Offering that provides a property tax break to the eventual owner.
Another appraisal after the re-zoning pushed the value of the building to $500,000, Grace said.
When the village reached out to Heidner Properties, which owns the land and suggested the trade, it was accepted. Heidner also agreed to pay for the parking lot, Grace said.
The vacant land is 1.3 acres and valued at $630,000, Grace said.
“So, we agree to have them build the lot, then transfer ownership to the village and we will maintain it and own it. It will be ours,” Grace said.
Parking will come in handy for businesses, shoppers and residents, officials said.
“We are getting a better deal,” Grace said, “but (future owner) is getting a good deal because they’re getting a building that has its foundation, has its plumbing, has all of the basis. They just have to do a remodel.”
He expects six to eight residential units on the second and third floors.
The actual trade is with Village Circle Lots LLC, a subsidiary of Heidner Properties.
The parking lot will be accessed from the southbound lane of Market Street, he said. That’s because the village does not want traffic backing up on Archer.
Thirty to 35 spaces will be built in the parking lot.
The entire first floor of the former Gilmart site will be available for commercial use.
Village officials are looking forward to some sort of business going in the Gilmart space that has sat vacant for several years.
“It’s referred to among people around town as Gilmart used to be the Gilmart grocery store,” Mayor Melissa Neddermeyer said.
The site has been vacant for at least 10 years, officials said.
The village board’s next meeting is scheduled for 7 p.m. Oct. 9 at the village hall.