Is Cornerstone development back on track in Grayslake?
An expansive but long-delayed multiuse development planned for far southern Grayslake is being revived.
Village officials are set to consider an agreement for the first portion of the 641-acre Cornerstone project envisioned as a mix of offices and research facilities, light industrial buildings, a substantial retail component, and houses and entertainment areas when it was unveiled more than seven years ago.
At that time, the Alter Group proposal was said to have an estimated value of $818 million and the potential of employing 5,000. Village officials approved the concept, but a poor economy put Cornerstone and like projects throughout the suburbs on indefinite hold.
Tuesday, the Grayslake village board will consider an "implementation agreement" with Lake County Land Holdings LLC involving the first portion of the long-awaited project.
"The Alter Group is nearing a point they want to get development going on the property," said Kevin Timony, assistant village manager. "The original agreements were more broad, they didn't get into this detail."
The agreement would outline specifics and timing for aspects, such as utility easements, lot configurations and a road network. The first property being considered is the former Titus parcel, north of Peterson Road and west of Route 83. The Cornerstone property, in general, is in the area of Peterson and Alleghany roads.
Timony said the first phase would be corporate headquarters or manufacturing.
"This is step one. Once the agreement is reached, basically Alter will begin design engineering and the final plat process," with construction possibly to begin next spring, he added.
A representative from the Skokie-based firm was not immediately available Monday. The village board will consider the agreement at its regular meeting at 7 p.m. at the village hall, 10 S. Seymour Ave.
The move appears to reflect a strengthening local economy, in which more people are working and the need for industrial/manufacturing space is high, according to Lake County Partners, the county's economic development arm.
"There's quite a demand so our vacancy rate is low," said Michael Stevens, president and CEO.
The rate in that segment has dropped to 7.5 percent, the lowest since 2007, despite adding more than 2.5 million square feet of space since that time, according to the organization's September economic update.
Retail vacancy also has fallen to 8.6 percent, a level not seen since mid-2009, and Lake County's unemployment rate is 4.9 percent, below the Chicago region and Illinois, according to the report.