The University of Chicago has signed a lease with Treasure Island to open a grocery store in the Hyde Park Shopping Center site where the venerable Hyde Park Co-op has stood for decades.

The long-term agreement comes just days before the co-op's scheduled close, which was approved in December by the institution's board.

Treasure Island spokeswoman Maria Kamberos said they hope to get the necessary city licenses and stock the existing structure at 55th Street and Lake Park Avenue for a grand opening as soon as late February. The store will then be renovated department by department while maintaining operations, she said.

"When the co-op closes [on Sunday], the neighborhood will be without a grocery store," Kamberos said. She said eventually the store will be outfitted with organic, international and other specialty foods sections as well as with a cafe.

All Hyde Park Co-op employees who are interested in working at the new store will be invited to interview with Treasure Island, she said.

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jmeisner@tribune.com