CHICAGO (CBS) — Two years from now, there might be another hotel on the site of the old Purple Hotel in Lincolnwood.

WBBM Newsradio’s Bernie Tafoya reports the Lincolnwood Village Board recently approved an incentive package for the proposed Shoppes at Lincoln Pointe.

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The $125 million project would include a 160-room hotel, a grocery store, a health club, and more retail space.

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The village board has approved $27 million in economic incentives, although they won’t kick in until construction is finished.

Lincolnwood officials were quick to point out the village is not taking any financial risk for the project at the corner of Lincoln and Touhy avenues.

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Construction has been slated to begin next spring, and should be completed by the summer of 2016.

Renderings show retail, office and hotel complex planned for the site of the former Purple Hotel at Touhy and Lincoln in Lincolnwood. (Credit: North Capital Group)

Renderings show retail, office and hotel complex planned for the site of the former Purple Hotel at Touhy and Lincoln in Lincolnwood. (Credit: North Capital Group)