This post was contributed by a community member. The views expressed here are the author's own.

Business & Tech

Giordano's Owner Buys Riverbank Plaza; Sports Bar, Retail Shops Planned

Ted Mavrakis relieved MB Financial of its landlord burden with a significant development plan.

The empty feeling in and around Riverbank Plaza will soon end after of Morton Grove's owner purchased the near-abandoned shopping center and adjoining square block of empty land.

Golf resident Ted Mavrakis, who also manages the Imagine Properties real-estate company in Evanston, plans to construct an “upscale” sports bar and additional retail stores on the vacant plot, where Maxwell’s and The Studio restaurants once stood.

Mavrakis is now advertising the nine available storefronts for lease in Riverbank Plaza, at the corner of Lincoln and Dempster. He purchased the property from MB Financial on Dec. 30.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

Larry Strybel’s Business Cards, Etc., a , should soon have some company after having the parking lot all to itself.

Coffee shop, food store dickering on leases

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

Mavrakis said he is negotiating lease terms with a coffee shop and ethnic foods store, and expects at least one to move in during upcoming weeks. He said he also has talked to assorted physicians and a chiropractor about possibly moving into the new retail building. He projects construction to begin this year barring any delays in obtaining permits.

Mavrakis was not deterred by the still-uncertain economy, which has shown signs of stirring, but which also could be crimped by skyrocketing gasoline prices.

“America is (resilient),” he said. “This (downturn) was temporary and the country will come back.”

Mavrakis’ purchase represents the third ownership change in the past five years for the strip mall and empty land. A developer had building permits in 2007 for new construction, but apparently suffered foreclosure. New Century Bank assumed the title, but then failed early in 2010. FDIC online records showed that bank’s insured accounts and other assets were assumed by MB Financial.

The latter instiution was a reluctant title-holder and landlord. Bank officials told Strybel he could stay, but should not try to attract any new tenants.

Even before MB Financial took over, all but one of the remaining small businesses in the strip mall fled to the security of more solid leases, some further east on Dempster in Morton Grove.

The sports bar, which Mavrakis projected would be on the old Maxwell’s site, could be the biggest gamble. Trackside Tap, the corner storefront closest to Dempster in Riverbank Plaza, folded a few years ago. Then, Champs gave up its outlet on Waukegan Road a block north of Dempster, and was replaced by Crazy Jaws. 

Last holdout now committed to stay

No matter what the combination of new businesses starting, Strybel welcomed Mavrakis’ arrival. After 23 years, he thought of moving from Riverbank Plaza. Now he seems committed to staying long-term.

“Should I use the word relieved?” Strybel said. “I like it here and I have a parking lot. It’s good. But I don’t want to be alone here. I want neighbors that draw traffic. I’m happy. I knew that sooner or later someone will come along and buy it.”

Strybel wasn’t the only Morton Grove business type exhaling. Village officials no doubt were vexed about the status of the yawning vacancies and empty land. Mavrakis informed John Said, Morton Grove’s economic development coordinator, about his purchase and plans.

“People were inquiring about the property all the time,” Said revealed. “Somebody is making an investment in the community, and bringing in a project or investment. That’s encouraging. In his case, he’s got the wherewithal to do projects of this kind. He (Mavrakis) is a very wise businessperson.”

Said projected the village will not have to construct any new infrastructure to serve the two new buildings.

Strybel welcomed Mavrakis as his new landlord.

“The first time he walked in here, we spent a half hour talking,” he said. “He knows how to treat people as a property owner.”

Mavrakis’ timing could be just right, if gasoline prices don’t sabotage the economic momentum.

“I think things are turning the corner a bit,” Strybel said. “With spring coming, people just got to get out. You’ll see the restaurants filling up again.”

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?