The Cornerstone Project, a development that promises some 17,000 jobs and millions of dollars in revenue for local communities is on schedule with much of the permit and approval work being accomplished.
The project is a 640-acre development along Peterson Road between Illinois Routes 83 and 60. It will include 3.6 million square feet of office, light industrial, and research and development space; 600,000 square feet of retail and lifestyle shopping and 801 residences, mostly townhouses, apartments and condominiums.
The Alter Group, the developers behind Cornerstone, are working closely with the Village of Grayslake, the Illinois and Lake County Departments of Transportation and the Illinois Environmental Protection Agency to get necessary permits in place.
"We've received the approval from the EPA for the sewer extension for the property. We're also working with the Illinois DOT to access Route 83 and have the road improvements that are needed," said Stephen Park, senior vice president for The Alter Group. The Lake County DOT is also considering expanding the intersection at Peterson Road and Route 83, Park said.
Park added that they are also working on acquiring easements for several of the properties around the development site for utility work.
With the location of the development at a key area in Lake County, Park said they are closely monitoring
"If that 53 expansion moves forward, we'll have to adapt our plans accordingly," Park said. "But, we aren't necessarily waiting for it to happen to move our development forward."
Zoning Officer Kirk Smith said he feels confident in the pace the Cornerstone project is moving at. "They're just working on getting these permits in place and they are definately making progress on that."
"We're moving a lot of pieces forward right now, it's just all behind-the-scenes," Park said. "The economy being what it is right now we have time to get these approvals done."
Park would not say when they will break ground. According to the project's website the development will take 12 years to build, with the completion 15 to 20 years out.
During that building time it is expected to generate $79 million total in tax revenues for all schools including $44.2 million to Fremont Elementary District and subsequent annual revenue of $6.4 million; $7.1 million to the Grayslake Community High School District over the first 12 years and subsequent annual revenues of $1.1 million; and $27.6 million to the Mundelein High School District over the first 12 years with subsequent annual revenue of $3.9 million.