Stacy's Corners drawing interest from developers
More than a dozen developers have expressed interest in purchasing a property at the Stacy's Corners intersection at the northern entryway to Glen Ellyn, officials say.
A large sign soliciting potential buyers of the village-owned property now stands where a gas station once sat at 825 N. Main St. — the southeast corner of the intersection of Main, and St. Charles and Geneva roads.
Since November, village staff has been preparing a “request for proposals” document for development of the property, and they're expected to formally issue the document to interested parties next month.
But officials also have been methodical in crafting it to make sure prospective developers take into account the area's historic character and adjacent houses in the proposals they submit.
“Staff has attempted to draft the RFP in a manner that would allow respondents flexibility while still establishing expectations in regard to site plan and architectural considerations,” said Staci Hulseberg, the village's director of planning and development. “They're all waiting for this document. They're calling for updates pretty regularly.”
The RFP will list guidelines about preferred signage, and landscaping and architectural designs. Developers will be asked to provide a pro forma of the project's expected costs and return, the proposed purchase price, and any projected property, sales or other tax revenues that could come to the village. They should also list potential users of the space.
“Then the village will be able to determine which would be the best fit,” Hulseberg said.
The village purchased the land in early 2011 with the intent of spurring redevelopment at the strategic corner. The Glen Ellyn Historical Society's planned history park will sit across the street.
Since then, the old gas station has been demolished, a canopy structure taken down and underground tanks removed. Crews have been working on a lengthy environmental remediation process, but that's now in the final stages, Hulseberg said.
An architect has developed conceptual plans for the site, which all depict commercial uses. Village trustees have indicated a preference toward the site having a retail use, in order to generate sales tax revenue.
The RFP also will ask respondents to include proposals that would develop adjacent property at the corner, including properties to the south and east of 825 N. Main.
While village officials say they have no control over those properties, potential developers could negotiate for their purchase in order to have one large development at the corner.