The first phase is a five-story building with 45,000-sf Dominick's grocery store at street level and topped off by 53 condominium units. A 3,200-sf National City Bank also will be part of the first phase. Dominick's signed a 20-year lease with six five-year renewal options, according to Nyren. National City Bank signed a 10-year lease with three five-year renewal options.

The condominiums will average 1,544 sf, with outdoor terraces ranging from 400 sf. "They are huge outdoor terraces, which is like another room," Nyren says. The sales price for the units most likely will be $650,000 to $2.2 million, he says. There will be 111 residential parking spaces in the basement and an 82-space level above the store for customers. "There is no product like this in Lakeview where you can drive to your own heated parking space, take the elevator up to Dominick's, do your shopping and then go up to your [unit] and have your dinner," Nyren says, pointing out that most apartments and condominiums have street parking.

Phase one construction is expected to begin this summer. Residential units are being marketed by @Properties. Dominick's is expected to open in fourth quarter 2009 and the residential units ready for occupancy 90 to 120 days later, Nyren says.

The first phase is being constructed on a 50,000-sf parcel fronting Broadway Street. The second phase--a four-story building with 35 condos--will be constructed on an adjacent 21,890-sf parcel fronting Waterloo Court. The cost of the second phase was not available.