Eight years later, Cornerstone project moving forward in Grayslake
The group behind a massive project launched in 2009 to develop 641 acres near Alleghany and Peterson roads in Grayslake figured they'd have to delay work until the economy improved.
They just didn't know it would take eight years.
Grayslake officials this month gave the Skokie-based Alter Group the go-ahead to develop 40 acres of what's been called the Cornerstone project, initially proposed as a sprawling mix of light industrial uses, office buildings, homes and retail spaces.
Village leaders first announced the planned $818 million Cornerstone development in 2009. But just a year later, Alter Group Senior Vice President Stephen Park said construction wouldn't begin for at least two years because of "economic factors."
More than seven years after that delay was announced, the Grayslake village board last week gave Alter the go-ahead to develop a 40-acre section on the eastern portion of the Cornerstone site.
However, it is unclear what kind of uses the project will include. According to village documents, Alter has no specific users lined up at this point. They plan to separate the 40 acres into 46 thin "slivers" of land that can be combined to suit whatever development the company attracts.
"The economic conditions were different then," Grayslake Assistant Village Manager Kevin Timony said of the initial proposal. "At this time they are not sure if they will have residential and retail (components)."
Alter will construct a road, called Cornerstone Parkway, that will run north of Peterson Road. The 40-acre portion of the project is located east of where the new road will be built.
Although the original Cornerstone plan had Grayslake contributing up to $14 million for road and sewer improvements to jump start development, Timony said the village will not spend any money on the 40-acre portion recently approved. If more development occurs in the future, he said, the village would help pay for utilities and other costs.
Work on the project is expected to begin in a month or two.