The Jewel groceries store at Southp...

The Jewel groceries store at Southport and Addison in the Lake View neighborhood will be replaced by way of a combination Jewel-Osco store nearly twice the size of the existing store, Jewel-Osco's of recent origin owner announced Wednesday.

The two-story, 52,000-square-foot Jewel-Osco store, slated to make open by fall 2008, will feature 130 parking spaces in an subterraneous parking garage and an upgraded groceries and drugstore.

The devise will require the existing stand-alone Jewel grocer's shop store, at 3552 N. Southport Ave., to be clos for about 10 month said Joe McKeska, vice president of store exhibition for Jewel- Osco owner Supervalu. The existing Jewel store measures 30000 square feet

"This would be a one-of-a-kind design, given the constraints of the site," McKeska said of the just discovered two-story Jewel-Osco store.

A secondary floor mezzanine area of 12000 square feet will be used for sustenance preparation and back-room storage.

The Jewel store, several stop ups from Wrigley Field in a gentrified, upscale neighborhood, requireed an upgrade, and its sister Osco store across the road is being transformed into a CV drugstore, Jewel and Supervalu spokesmen said.

CV acquired 150 stand-alone Osco stores, including the common at 3637 N. Southport, as part of a deal in which Supervalu bought greatest in quantity of Albertson's for $12.8 billion. Supervalu, which became the country's third-largest grocer by dint of revenue as a result of the deal, sold against the stand-alone Osco stores to avert disturbs about it gaining too earnestly dominance in Chicago and other markets.

Jewel spokeswoman Lauri Sanders said, "We recognized we were losing the [Osco] site across the way and it would make virtuous business sense if we made major renovations [to the stand-alone Jewel grocer's shop store]."

Supervalu CEO Jeff Noddle announced the Chicago brew during a conference call Wednesday detailing the Minneapolis-based company's first-quarter earnings.

McKeska said the brew is in "the concept phase," and he anticipates it to win the support of Ald. Tom Tunney (44th) and the community.

Supervalu said its first-quarter income dropp hit from the costs of its acquisition of more than 1100 Albertson's stores, including the 200-store Jewel-Osco chain, and by dint of stock-option expensing. Supervalu reduced its fiscal 2007 earnings view to reflect the costs.

sguy@suntimes.com

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