Algonquin retail center moving along

A huge retail shopping complex near Randall Road and Harnish Drive in Algonquin moved closer to completion Tuesday after village board members approved the annexation of the 44.74 acre lot, as well as several other development provisions during its committee of the whole meeting.

The developer, Oakridge Properties, now faces final approval for the development at the next village board meeting, scheduled for Tuesday, Aug. 21.

Building of the 400,000 square foot Oakridge Court shopping center could begin before the end of the month, Assistant Village Manager Jeff Mihelich said.

Approval of Oakridge Court could mean yet another shopping center along the Randall Road retail corridor could open its doors by fall 2008, joining Algonquin Commons and Galleria. Oakridge Properties Vice President Tim Schwartz said a target opening date of the $45 million shopping center is slated for August 1, 2008.

The latest unenclosed retail center will include JC Penney and the first combined Toys R Us/Babies R Us in Illinois.

In addition to the plethora of retail options, the development will also provide about $3 million in improvements to Randall Road, a major advantage of the project.

"The developer will make millions of dollars in Randall Road improvements at no cost to the taxpayer," said Village Manager Bill Ganek. "That will help with the regional traffic."

While the size of the shopping center was initially reported to be more than 200,000 square feet, Mihelic said the developer "found more tenants."

There would be at least 15 smaller shops in addition to the two anchor stores.

Although Schwartz said he has not yet signed store leases, retailers such as TJ Maxx, David's Bridal, Catherine's and Kay Jeweler's have expressed interest in locating there and signed letters of intent.

"We are pretty well committed to generating more sales tax for the village, rather than bringing in service tenants," Schwartz said. Oakridge Properties have developed 27 properties in Algonquin, including as co-developer of the Target/Kohl's store located just north of the Oakridge Court site.

Trustee Bob Smith said the shopping center would fit in nicely with the surrounding retailers in the area, both in terms of design and the quality of stores that are expected to occupy space.

The new shopping center is expected to create about 500 new jobs and generate at least $500,000 in sales-tax revenue for the village. Community Unit School District 300 would also benefit from the $300,000 in property taxes the shopping center is expected to bring in.

But increased revenue is not the singular benefit of the project. As part of the agreement the developer will also complete more than $3 million in improvements to Randall Road. Those would include widening the stretch from Algonquin to Harnish roads to three lanes and installing dual left turn lanes from Randall Road onto Harnish Drive.

The frontage road adjacent to Randall Road will also extend south and connect with the frontage road that currently runs in front of Wal-Mart and Target to Corporate Campus.

Schwartz said work to bury utilities and relocate light poles should begin April 1, 2008 with pavement work starting shortly after.