Bill McMahon, owner of The Lincoln Inn, the Chamber’s 2012 Business of the Year, has a new venture in mind. McMahon has just purchased the old DeKalb Clinic/A&P store building at 302 Grove Street in downtown DeKalb. He would like to renovate the property into a Banquet and Business Center called Faranda’s.
The name comes from his wife Joy’s grandfather Anthony Faranda, who the family all has fond memories of. “He was the typical Italian grandfather who loved to take his family out to eat and always taught the importance of a good work ethic and fine food,” said McMahon.
Faranda’s is expected to hold banquets of any size up to around 400 people, which is something that DeKalb currently does not have capacity for, other than at NIU. With three different size meeting rooms McMahon looks to draw midweek banquets, meetings and conferences to Downtown DeKalb.
Plans include an upscale Sunday Brunch Buffet at the facility, open to the public. McMahon is quick to add that he plans on continuing to own and operate The Lincoln Inn, but he believes there is a market for both here in DeKalb.
“I’m hoping that by offering a Sunday Brunch, not only is that something that the area doesn’t currently have, but folks will come out and see the new facility and all it will have to offer. Then we will be ‘top of mind’ when the time comes to plan an event. Being in the downtown district has it’s advantages for before and after weddings and other events. It will bring more people in to the downtown area which will just help everyone,” McMahon pointed out.
McMahon purchased the property at auction and has been hoping to bring a banquet facility to DeKalb some day. But much work will need to be done to bring the blighted property up to code. Total project costs are expected to exceed $1.7 million.McMahon is asking the City of DeKalb for a $330,000 forgivable TIF loan plus $25,000 under the central business district facade program to renovate the property. As a clawback provision, if the project does not pay the loan back in sales tax dollars within seven years McMahon is responsible for paying off the balance.
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Exciting news! I hope the best with the plans ahead. DeKalb would benefit from a great banquet hall like this!