Grayslake corner ready for makeover

It has taken nearly 40 years, but the owners of property at a busy corner in Grayslake are hoping to put their investment to work.

Joseph Cacciatore & Co. Inc . bought about 11 acres at the southeast corner of routes 45 and 120 decades ago, when original plans for an extension of Route 53 surfaced.

Company officials became aware of a proposed off ramp for the road improvement and decided to take a risk.

"My dad represented all the major oil companies," said Pete Cacciatore, president of the Chicago-based real estate company. "He knew where good gas station locations were."

While the controversial road improvement never materialized, a Shell service station was built and has done well, he added. The Illinois Department of Transportation's right of way still exists, operated for years as a golf driving range.

Cacciatore's remaining property, amounting to about 10 acres wrapping around the gas station to the south and east, has remained vacant, however.

That could change, said Cacciatore, who recently began marketing the property as a proposed neighborhood shopping center.

"It seems finally there's enough interest in retail," he said. "It's been zoned for a shopping center the last 10 or 15 years."

Preliminary plans for Grayslake Commons show two smaller multi-tenant strip shopping centers and a spot for a 60,000-square-foot anchor tenant, perhaps a grocery store.

"Now that there are enough rooftops and that Grayslake continues to grow at a rapid pace, we believe that this would be the perfect time to consider development," Cacciatore said.

He cited the heavy traffic on the two state routes as well as the proximity of the College of Lake County to the north. About 45,000 vehicles pass the corner each day, according to IDOT.

The pending development of the former Lake County fairgrounds kitty-corner from Cacciatore's property into a shopping center was more coincidence than impetus to move ahead, he said.

Basically, the company is testing the retail waters and has not submitted any plans to Grayslake officials for consideration.

Cacciatore said he would not proceed until signed leases were secured for at least three-quarters of the proposed retail space.

"We need to get an anchor tenant," he said.