Flexibility urged for Town Center project
With the retail climate continuing to languish, developers of the gateway Town Center in Vernon Hills say children could provide a more realistic chance to keep the project moving.
Vernon Hills trustees Tuesday informally agreed the pursuit of what was described as the "Rolls-Royce" of preschools could be an alternative to shops and stores originally planned for the site at routes 45 and 21.
"We better consider something because we can't let it stay stagnant," Trustee Michael Marquardt said of the project in the works for several years.
Skokie developer Seymour Taxman wanted direction from village leaders on whether pursuit of an upscale Crème de la Crème preschool, which operates in Glenview and South Barrington, would be acceptable along Milwaukee Avenue in the northeast portion of the site.
Taxman said the investment would be $8 million in a 21,500-square-foot building and land, and give a boost to the center. He said officials with the Colorado-based company consider Vernon Hills the "last remaining slot" in the metropolitan area.
Village zoning rules governing Town Center would need to be changed. A day care facility was not listed as a permitted use the approved plan, which called for more than 38,000 square feet of retail space.
"While it is not perfect ... we think we need to be armed with the right to put this in if we don't succeed with several other things we're working on," Taxman said.
Trustee Jim Schultz said the Crème de la Crème concept would work.
"We need to get revenue generating here," he said.
Taxman painted a bleak picture of the market, saying he skipped the recent International Council of Shopping Centers conference, an event he attended for 35 years.
"I didn't want to hear what I already know, and that is that we're in a perfect storm. The only way to get out of this is to be creative, be flexible."
While a Roti Mediterranean Grill and Starbucks are operating and a Sam Martirano Salon & Spa is pending, the going has been tough.
Taxman said he personally assumed financing for a six-story condo building with retail on the lower level so it will be completed rather than sit idle. Five of six floors have been completed.
He added the Town Center is part of a larger, unified development that includes the College of Lake County and the adjacent Port Clinton Place residential area that needs to have better access and identity.
The entire area is designated a tax increment financing district, which freezes assessed values at predevelopment levels. As the value increases because of new buildings, the additional taxes paid are placed in a special fund for improvements, such as roads.
However, returns have been much less than expected. Construction at Port Clinton Place, with 179 luxury condos and townhouses has been at a standstill.
"The real revenue generators here will be the residential," Mayor Roger Byrne said.