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The Grayslake Cornerstone Project is moving ahead as The Village of Grayslake approves the agreement for the $818 million dollar development with office space, retail shops and restaurants, industrial and residential plans.
From the GrayslakePatch, this article by Cassandra Dowell explains the project in detail:
"Development Agreement Moves Cornerstone Forward.
The Grayslake Village Board voted unanimously to approve the execution of a Development Cost Agreement between Lake County Land Holdings, LLC and the village. Mike Ellis, Grayslake village manager, said the approval signifies one of the last major agreements between the village and the developer of the Cornerstone Project, the Alter Group.
Rhett Taylor, Grayslake mayor, said this agreement will provide for water, sewer and road improvements associated with the Cornerstone project in the Central Range and serve as a mechanism for permit revenues from the Cornerstone project to pay for a portion of these improvements.
Ellis said that estimated land development costs are $195 million.
"Infrastructure covered in the agreement will help the village expand the local economy beyond the Cornerstone project," he said.
The off-site work, he said, is estimated to cost $60 million and will also serve the Central Range Economic Development Initiative Area with utilities.
The agreement provides for the village to assist with offsite improvements through fee waivers that would be normally collected during development of the project.
"Since the infrastructure will cover a wide economic development area the agreement provides for the village to assist with the costs of these offsite improvements through fee waivers," he said.
As part of the agreement, fee waivers will not exceed $10.4 million of the estimated $60 million in improvement costs for the utility extensions and road improvements that will also serve the Central Range.
"Under the agreement the Cornerstone developer will front all the costs to build these improvements and will receive this reimbursement as the Cornerstone project develops," he said.
Stephen Park, Alter Group senior vice president, said he could not comment as to when the project will begin, saying, "the economy precludes us."
However, Park remains confident. "We hope to get this project rolling to catch the economy in an upswing," he said.
Jeff Werfel, Grayslake trustee, said the project with the Alter Group is an exciting one and represents a culmination of many years' work.
Taylor said it is "an incredible accomplishment for the Village of Grayslake and Lake County."
According to the Alter Group's website, the development plans currently call for 3 million square feet to 3.5 million square feet of light industrial/office space, 500,000 square feet to 600,000 square feet of shops and restaurants and 800 homes, mostly townhouses, apartments and condominiums.
Cornerstone is expected to generate $60 million in surplus revenues to Fremont Elementary School District 79, Mundelein High School District 120 and Grayslake High School District 127 over its 12-year development period.
The Cornerstone site consists of 641 acres, 48 acres of which is currently in the Village of Grayslake. The site is located about 6.5 miles west of the Interstate 94 and Illinois Route 137 interchange."
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.