'Changes the whole dynamic': Corporate center taking shape on old driving range in Libertyville
A driving range and mini-golf facility have been erased, and in the coming months foundations will be poured and precast concrete walls erected for a long-awaited project at a busy corner in Libertyville.
The Libertyville 45 Corporate Center will sit on about 19 acres of the former village-owned Libertyville Sports Complex. The speculative project northeast of Route 45 and Peterson Road by Oak Brook-based developer Midwest Industrial Funds will feature 334,299 square feet of warehouse/industrial space in two buildings.
Top company executives, village officials and others last week celebrated the project's official launch.
"For people following the project, it's good for them to know it's coming out of the ground and what it will be," said Heather Rowe, the village's economic development manager.
Each building will house one or several businesses with a variety of potential users, such as research and development, office or light manufacturing, according to Rowe.
"We've observed these type of structures housing home good product firms, biopharma businesses, parts manufacturers, and corporate financial centers," she said.
The buildings will be standard industrial-type structures, but extra attention has been given to the design and materials at the building entrances to appeal to corporate operations or businesses with a professional home office, according to village officials.
"We have confidence in the partners we're working with," Mayor Donna Johnson said at the launch event. "We're looking for someone who will be proud to drive by their project on completion."
Industrial/flex vacancy rates in Libertyville and Lake County are "still low and compelling" at 5.2%, according to Barbara Prusila, marketing and communications director for Lake County Partners, the county's economic development arm.
"We're confident that this site will be a perfect home for growing businesses who want to maximize their return on investment in proximity to thriving medical device, biopharma and manufacturing leaders, and Lake County's vast network of specialized vendors and suppliers," she said.
The golf learning center/driving range, mini-golf course and indoor recreation center comprised the Libertyville Sports Complex, which opened in 2002. Aside from the main building, operations had long been a financial drain and the village sought to unload them.
At times, it seemed that time might never arrive. Midwest Industrial Funds had been involved with the property for four years through five contract changes before finalizing the purchase in spring 2022.
"We're getting close to our 100th acquisition or development and this is one we'll remember," said Justin Fierz, founding principal of Midwest Industrial Funds.
Senior village Trustee Scott Adams, who also is president/CEO of the Green Oaks, Libertyville, Mundelein, Vernon Hills Chamber of Commerce says the project "changes the whole dynamic" of the property.
"It's been a long time coming," he said.
Canlan Sports bought the indoor portion of the sports complex earlier this year for $3.125 million, leaving the former mini-golf portion on the southwest corner as the last village holding.
It recently was removed with the driving range as Midwest is responsible for overall demolition, grading, utility, stormwater and roadwork as part of the larger project. The village plans to sell the corner parcel when road and utility lines to it are rebuilt.