Grayslake unwraps plan for 641 acres at Peterson and Alleghany
The potential of a large tract of land envisioned decades ago finally will be unlocked with a sprawling $818 million plan announced Monday.
Grayslake officials released details of a long planned multiuse development on 641 acres at Peterson and Alleghany roads to be known as Cornerstone.
Proposed by the Alter Group of Skokie, the project was described as an innovative mix of industrial, research and office facilities, along with substantial retail and residential components.
"It's a unique project, not just for this region but I would say for the country," Mayor Tim Perry said.
Promotional materials describe Cornerstone as an upscale community where people can live, work, shop and play. A public open house is scheduled for 3 to 7 p.m. Wednesday at Grayslake village hall, 10 S. Seymour Ave.
The project would be developed in stages over about 12 years. Ultimately, businesses there would employ about 9,800, although construction isn't expected for two years.
The village will contribute up to $14 million for road and sewer improvements to jump start development for Alter and adjoining property, known as the Central Range.
Perry and village leaders have considered Central Range key to expanding the tax base and reducing the financial load on homeowners.
Property tax revenue figures released Monday show Fremont District 79 would net nearly $27 million; Mundelein High School District 120, nearly $21 million; and, Grayslake High School District 127, about $7 million as the project takes shape, as well as millions each year thereafter.
The development envisions more than 2.9 million square feet of light industrial/research and development uses; nearly 677,000 square feet of office space; 635,000 square feet of retail; and 801 single-family homes, condos and apartments, nearly a quarter of which would be age restricted.
The village plan commission and zoning board of appeals on March 23 will consider a special use permit and other actions regarding the property.