Antioch officials still hopeful for shopping center

Right now, the only inhabitants are grasshoppers, crickets and tall weeds.

But despite the fact that the 75-acre Antioch Market Place property has entered foreclosure and no tenants have officially signed on, village officials are still optimistic that the site will one day be a bustling hub of commerce.

"Is there still hope? Absolutely," said Antioch Village Administrator Jim Keim. "Unfortunately the economy is making it difficult for this developer and many others."

In October 2007, Antioch officials approved the 600,000-square-foot development, to be located on the north side of Route 173 near Grimm Road just west of Menard's. The center was to include anchors Target, Lowe's and Kohl's.

The development was supposed to have generated $1.6 million per year in sales taxes annually, and add more than 500 jobs.

Plans were on track until the national economy started to tank, the biggest blow coming when Minneapolis-based Target backed out in December 2007. Target officials cited disappointing sales and a housing market slump as factors in their decision.

Developers from Chicago-based V-Land Corp. said they would continue with the project despite losing an anchor store.

But nearly two years later, V-Land is still seeking tenants, with none officially signed on. And V-Land Corp. President Steven Panko is facing a foreclosure lawsuit on the property by lender Park National Bank. The bank filed a suit seeking $17.4 million for unpaid loans in June, according to published reports. The suit also involves another property in Oswego.

Panko could not be reached for comment.

Keim said he is aware of the foreclosure suit but doesn't have knowledge beyond what has been reported.

"We understand the developer is still actively marketing to the project to the big-box entities. The village is very hopeful this project will proceed," Keim said. "They have not informed us of anything other than their intent to proceed."

He said it's possible the developer could scale back the proposal and go for a more modest plan.

"The project could be scaled back but the developer would have to amend their petition of the original plan," Keim said. "That's a possibility. I couldn't say how likely that is, but the village would entertain the proposal."