Skip to main content

$818 Million Dollar Grayslake Cornerstone Project


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.
"

Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com


Search for Homes on your phone!

Free Mobile Phone search app!

Text the word STAR to 87778.


Comments

Popular posts from this blog

Waterfront Location on Gages Lake: Grayslake Ranch Home for Sale

Waterfront Location on Gages Lake: Grayslake Ranch Home for Sale

33440 N Lake Shore Dr, Grayslake IL 60030




Click here to search Grayslake Homes for Sale.

Jim Starwalt

Thinking of making a move?

Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeTeam.com

Jim Starwalt, Broker Owner
Better Homes and Gardens Real Estate Star Homes
Phone: 847-548-2625
Jim@StarHomeTeam.com

Find Me Online




Waterfront Location on Gages Lake: Grayslake Ranch Home for Sale

Choose Better Homes and Gardens Real Estate Grayslake Agents For all Your Real Estate Needs

Choose Better Homes and Gardens Real Estate Grayslake Agents For all Your Real Estate Needs

Choosing the right real estate agent, when buying or selling your Grayslake home, is paramount to your success.

The benefits of choosing a company with national recognition and a proven strategy will save you time and money.

Contact our office today at 847-548-2625!



Click here to search Grayslake Homes for Sale.

Jim Starwalt

Thinking of making a move?

Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeTeam.com

Jim Starwalt, Broker Owner
Better Homes and Gardens Real Estate Star Homes
Phone: 847-548-2625
Jim@StarHomeTeam.com

Find Me Online





Choose Better Homes and Gardens Real Estate Grayslake Agents For all Your Real Estate Needs

Sell Your Grayslake Home with Better Homes and Gardens Real Estate

Sell Your Grayslake Home with Better Homes and Gardens Real Estate

Thinking about selling your home?

You don't have to do it alone.

Let Better Homes and Gardens Real Estate Star Homes lend a hand - with tools, information, and an agent you can trust.

With intimate knowledge of your area and the expertise necessary to give you a detailed assessment, our Better Homes and Gardens Real Estate Star Homes agent can help you set the right price and put together a comprehensive marketing plan.

Your Better Homes and Gardens Real Estate Star Homes agent will be there to guide you through every step of the listing process.

Ready to take the first step? Call our office now at 847-548-2625!



Jim Starwalt, Broker Owner
Better Homes and Gardens Real Estate Star Homes
Phone: 847-548-2625
Jim@StarHomeTeam.com

Find Me Online