Grayslake officially lands mammoth development
Grayslake's village boundaries officially expanded by 641 acres Tuesday night to accommodate a mammoth $818 million development planned at Peterson and Alleghany roads.
Village board members at a meeting formally voted to annex the land owned by the Skokie-based Alter Group and approved other agreements necessary for the Cornerstone project to proceed.
Expected to be built over the next 12 years at Peterson and Alleghany roads are industrial, office and research facilities blended in with retail and residential components. Alter representatives estimate Cornerstone's cost at $818 million.
Grayslake Mayor Rhett Taylor and other officials voiced their excitement about Cornerstone.
"This is a significant development in the history of Grayslake," Taylor said. "I think it is the largest development the village has ever seen."
Plans call for Cornerstone to offer more than 2.9 million square feet of light-industrial, research and development space. In addition, there will be 676,000 square feet of office space and 635,000 square feet set aside for retail.
Early estimates show Cornerstone will create 9,800 jobs, according to Lake County Partners, an economic development group. The organization projects 760 construction jobs will be needed for work over the 12-year building period.
About 800 homes are planned for Cornerstone, with nearly half of them single-family. The homes will be within the boundaries of Fremont Elementary District 79 and Mundelein High School District 120.
Grayslake officials said the school districts will be protected through agreements approved Tuesday night requiring impact fees from homebuilders and phased-in construction for the residential component, along with other restrictions.
"It is very unique and forward-thinking," Taylor said of the agreements for Fremont and Mundelein High.
Property tax estimates show Fremont will receive nearly $27 million over the 12-year construction period, with almost $21 million going to Mundelein High. Grayslake High School District 127 will get about $7 million.
Annual property tax revenue for the districts after Cornerstone's completion are pegged at $4.3 million for Fremont, $3.1 million to Mundelein High and $1 million for Grayslake High.
Construction on the $818 million project isn't expected to start for about two years.
Grayslake will be responsible for contributing about $14 million in public money for sewer and road upgrades to expedite development for Alter and an adjoining property called Central Range. Grayslake's agreement with the Alter Group prohibits creation of a special taxing area for the developer.
"We're all very excited about this project, obviously," Trustee Jeff Werfel said. "It was worth the effort."