Economy no barrier to plans for office park

A Chicago-based real estate firm intends to break ground this summer for a 50-acre business park on St. Charles' west side, the company said Monday.

The development's first phase calls for 75,000 square feet of office space in three buildings, but JCF Real Estate Inc. said the $100 million project could eventually grow to some 600,000 square feet.

"I'm surprised somebody hasn't done this already," JCF founder and President John J. Fitzmaurice said of the development, just northwest of the Randall Road-Route 64 intersection along Route 64. "There's nothing like this in the St. Charles area."

Fitzmaurice said he hopes to draw upon and enhance the success of existing commercial and retail businesses, including Geneva Commons nearby, that have flooded the Randall Road corridor in recent years. His firm closed on the property for just less than $12 million last week.

The park, called Corporate Reserve of St. Charles, will be attractive to "smaller mid-sized tenants" seeking 10,000 square feet or less of space as well as to larger companies that require 20,000 square feet or more, Fitzmaurice said. He brushed aside speculation that the current state of the economy could make finding customers a challenge.

"If you look at the occupancy rate, it's fantastic on the west side of St. Charles," he said. "By the time we get this off the ground, the economy's going to be better."

St. Charles Community Development Director Bob Hupp said the city worked with JCF on the project's planning stages for about a year. The city council has given its blessing for the first phase, although further review will be required as building designs come in and expansion plans develop.

Hupp said the business park highlights a shift in local development away from residential, which was popular when the housing market was better, and toward a "nice balance" of residential, commercial and office space.

"This is something that I think everybody sees as a real desirable development for that area," he said. "It will be a nice tax base and certainly not just for the city, but for the school district and other taxing districts as well."

First-phase construction of two one-story buildings and one three-story building is expected to begin as early as June with the space ready for occupants by the second quarter of 2009.

On the aesthetic side, the development is slated to have outdoor parking facilities, heated sidewalks and key-card access to the buildings, among other features. In addition, there's talk of a full-service hotel and at least two "white tablecloth" restaurants. The land will be landscaped with native plants, ponds and a series of walking paths and picnic areas, according to the developer.

"We're talking to a lot of (potential tenants) right now," Fitzmaurice said. "If the wind gets behind our back, we'll be able to go a little bit stronger and faster."

JCF Real Estate, founded in 1993, manages "a multitude of properties throughout the Chicago metropolitan area," the majority of which are office and retail properties, according to its Web site.