Fostering growth and shaping the future in Elk Grove Village
Last year Elk Grove Village permitted just over $321 million in new private sector reinvestment, and business development in the community has continued to grow, with over $327 million in private sector development so far in 2023.
With an industrial vacancy rate hovering near 1%, it's clear that Elk Grove Village's business-friendly approach and focus on technology and infrastructure have paid dividends in both attracting development and supporting the growth of existing businesses.
Northwest Point has become a hot spot for development, with the construction of two speculative industrial buildings totaling over 200,000 square feet scheduled for completion by Bridge Industrial this year, as well as the acquisition of multiple properties as part of their plans for a future data center campus.
This development interest followed the village's proactive zoning change to reposition Northwest Point from the challenged suburban office market to a flex/office use encouraging high-tech, low-impact uses, modeled after the successful Elk Grove Technology Park. The village is building on this success with its work to update the entire zoning code early next year.
Updated regulations are intended to reflect current business operations and needs while maintaining the standards that help ensure the business park's continued success.
Manufacturing continues to be a vital component of economic development in Elk Grove Village, which has the second-largest concentration of manufacturers in Illinois. Earlier this year, the village approved support for a 6b property tax incentive that will allow Creative Werks, a contract food packaging business, to double the size of its operations and add 250-300 jobs.
The village is also actively working with iconic manufacturer Stern Pinball on its relocation and expansion to a 160,000-square-foot facility on Busse Road, which will modernize and consolidate all of Stern's operations and production into a single location. The facility will also include a new showroom and retail space, and the opportunity for additional expansion in the future.
With numerous redevelopments underway in Elk Grove Village, the future of the community is in the making. The Village recently launched Envision Elk Grove, a master planning effort, to help guide this future in line with the community's goals and values.
Part of this effort includes a review of business services to identify the areas where the village can best provide value and support the success of its business community. Updates on the plan and opportunities for future input can be found at EnvisionElkGrove.com.