For more than a decade, south suburban Nation Club Hills waited for an outlet mall to spring up on vacant farmland close to Interstate fifty seven and Interstate eighty.
That by no means occurred.
But in what may be a sign of the occasions, a brand new developer has stepped in to build something extra reflective of the retail financial system within the digital age: a logistics hub.
Chicago-based mostly Logistics Property Co. acquired the 102-acre website and introduced plans this week to create a transportation and distribution middle dubbed LogiPark fifty seven-eighty.
“It’s the evolution of retail,” Aaron Martell, government vice chairman at Logistics Property stated Thursday. “One thing that was seen as a strategic location for buying is now a strategic location for distribution of these items direct to the buyer.”
The $75 million to $one hundred million two-part improvement is about to interrupt ground in the spring. Plans embrace 4 distribution warehouses totaling 1.four million square ft.
No tenants have yet signed up, however Martell stated he’s confident demand for area shall be robust.
Martell stated discovering a big parcel by two busy interstates within 25 miles of Chicago made the Country Membership Hills location ultimate.
The undertaking was additionally bolstered by $29 million in tax increment financing from Prepare dinner County, which the developer will share with Nation Club Hills.
“It’s going to be great for the town, nice for residents, as a result of it’s going to create jobs,” Nation Club Hills Mayor James Ford stated.
For years, an electronic billboard on the location promised the arrival of Chicagoland Retailers, which Nation Membership Hills hoped can be a regional magnet for consumers and adjacent improvement.
The mall undertaking, led by Chicago-based mostly Capri Capital Companions, was introduced in 2007. Then came the Great Recession, and then came the age of Amazon.
Chicagoland Retailers by no means broke floor, and Capri bought the land to Logistics Property for an undisclosed worth.
A Capri spokeswoman declined to remark beyond confirming the sale.
Logistics Property is planning to personal the Country Club Hills website for the subsequent seven to 10 years, Martell stated. It’s one in every of 10 logistics centers in varying levels of improvement throughout the U.S. within the firm’s inaugural yr.
Martell stated comparable sites convey 250 to 300 jobs to the business parks and the communities the place they’re situated.
For Country Club Hills, attracting new enterprise has been a challenge, partially due to larger taxes in Prepare dinner County, Ford stated.
“We’re fairly near Will County just south of us, and we’re pretty close to Indiana, so most companies need to go where they will get a greater tax break,” he stated.
Ford, who began his first term as mayor in 2015, stated an outlet mall might have introduced extra income, visitors and adjoining improvement, however given the current exits of Carson’s and Sears at the nearby Orland Sq. Mall in Orland Park, logistics might portend a brighter future for Country Membership Hills.