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"Englewood continues to move forward, ushering in a new era of excitement," Mayor Frank Huttle said.
The two chains – located on Sterling Boulevard – will be joined by the Vivian, a new 195 unit residential apartment complex, which will add "even more life into the area," Huttle said.
A settlement was reached with the developer of the property in 2011.
The developer agreed to repay Englewood a $10 million loan and cover approximately $550,000 in legal fees, the mayor said.
The residential component of the project was scaled back "drastically" to avoid overdevelopment and congestion, he added.
An assisted living facility will be constructed across the street as part of the city's new Research Industry and Medical (RIM) District to bring more jobs to Englewood, Huttle said.
"I will fight to... not allow the development of high-density townhouses to rip apart the fabric of our historic neighborhoods and set us back decades," he said.
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