Local sign of improving economy: Roselle's business boom
In a local sign that the recession might be easing, Roselle is seeing major signs of growth in Cornerstone Plaza on the village's southwest side.
As the new Brunch Cafe opened its doors last week, it became the third business to set up shop in the Cornerstone development, following a physical therapy office and Jimmy John's sandwich shop.
The newly-constructed plaza at Lake Street and Gary Avenue includes three buildings that are about 33,000 square feet each.
Todd Eichholz, owner of Heritage Realty that owns Cornerstone, said business has blossomed even more in the past few weeks.
"Things have picked up dramatically for us and are going very, very well," Eichholz said. "I think now that we're on the upward swing for the recession, people are getting more confidence in the economy."
Heritage is currently negotiating a lease with a mobile phone company that plans to open next to Jimmy John's, as well as with a higher-end Mexican restaurant, he said.
In addition, the realtor is close to finishing a contract with Venuti's, an Italian restaurant and sports lounge that would take up an entire building of Cornerstone, said Eichholz.
Venuti's already has a location in Addison that offers a banquet-hall style decor. The Roselle location would have a more sports-oriented theme and would host events for local little leagues and park district teams.
The trick to attracting businesses to Cornerstone is creative financing and incentives, said Eichholz.
"The most difficult thing for a new business now is getting capital form a bank and going through a small business loan," he said. "A lot of them more than qualify but they just can't get them from banks right now."
The solution Heritage Realty devised was to offer about $73,000 in loans per business to complete a build out, then increasing rents to repay the loan.
Development in the area is continuing beyond Cornerstone, too. Roselle Village President Gayle Smolinski said Monday. She just reviewed plans for a new Shell gas station scheduled open on the northeast corner of Lake and Gary. The station's plans reveal that it will be designed to continue the aesthetic of Cornerstone.
In addition, local developers are expanding a nearby townhouse development, and last fall Roselle welcomed its first hotel, Country Inn and Suites, which officials say are strong additions to a growing area.
"We're pleased with the whole development that is at the southwest entrance of our town," said Smolinski. "They've done a wonderful job of creating a presence and a statement about Roselle. And now that the stores are starting to fill up, it makes it even more exciting."