LOGAN SQUARE — Plans for Logan Square’s Megamall continue to develop, but one thing seems certain: It won’t house a Trader Joe’s anytime soon.
The centrally located discount Megamall at 2500 N. Milwaukee Ave. is being eyed by potential buyers, according to 32nd Ward Ald. Scott Waguespack, but no deal has been struck.
And although some residents are pushing for a Trader Joe's to set up shop in the Megamall, the site isn’t in the chain's two-year development plan, according to Trader Joe’s spokeswoman Alison Mochizuki.
Darryl Holliday says that the company hasn't ruled out a Logan Square location in the future:
The long-standing indoor flea market recently was listed on the website of Terraco Real Estate Development & Management, which has an option to buy the site and has issued preliminary concept plans to the alderman’s office.
Terraco has begun a study of the site, including a demographic summary of the area around the Megamall.
“They’re looking at things like traffic counts and the number of bikes going up and down Milwaukee Avenue on any given day," Waguespack spokesman Paul Sajovec said. “They’re trying to come up with an overall picture they can present to potential retailers."
Daniel Wander, Terraco 's senior vice president, declined to comment.
The asking price for the structure isn’t listed on TerracoRealEstate.com.
Speculation about the building’s future is rampant, and hundreds of residents have weighed in across several social media platforms. Some of those platforms are linked to Will Guzzardi, the Democratic nominee for 39th District state representative, one of many local politicians and community leaders conducting informal public discussions on the hot topic.
The most high-profile push for a Trader Joe’s has been active since last November on a Facebook fan page with 686 likes.
“This page is dedicated to those people who would like to see a new Trader Joe's location open in Logan Square in Chicago," according to the page profile.
Morgan Halsted, a member of the Facebook fan page, said she isn't surprised that plans for a Trader Joe's at the Megamall appear to be falling through.
"However, I think Trader Joe's is really missing out on a opportunity," she said. "I guess this means I will continue to frequent Cermak Produce in Humboldt Park, who really has their customers in mind."
Terraco manages a Trader Joe's in Evanston, along with more than 100 other large lot markets. After several months of talks, Trader Joe's recently abandoned plans to set up shop on the northeast corner of Division and Honore streets in Wicker Park earlier this month.
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