From the 9/17/07 issue of Crain's Chicago Business. Interesting to see that perhaps we won't see both of these properties go up. My Dad, who has worked in retail property management for many years mentioned that Tucker was the developer of the now demolished One Schaumburg Place.
By H. Lee Murphy
Far suburb Lakemoor, neighbor Volo to grow
The village of Volo has a population of just 2,300, while its sister community to the west, Lakemoor, has only 4,800 residents. But those numbers haven't stopped big retail developers from mapping plans for shopping centers in this far northwest suburban crossroads.
At the southwest corner of State Routes 12 and 120 in Lakemoor, Tucker Development Corp. of Highland Park has acquired 74 acres and is proposing a 700,000-square-foot center. Across the street, in Volo, a partnership headed by Mid-America Real Estate Corp. of Oakbrook Terrace has acquired 90 acres and plans a 750,000-square-foot project.
Tucker executives did not return calls; a Mid-America executive involved in the Volo development could not be reached.
Both communities have seen a surge of interest from residential developers.
In Lakemoor, Westminster Swanson Land Partners LLC has acquired three separate tracts for subdivisions encompassing more than 3,000 homes. In Volo, village President Burnell Russell says a half-dozen homebuilders already have gained approval to build more than 2,000 houses. He predicts the village will grow to 10,000 residents by 2013.
As for the dueling shopping centers, Mr. Russell says, "I'm not sure that there is enough demand for retail here to allow both of them to go ahead."
Indeed, the housing slowdown is likely to hold up some subdivision starts, and, if that happens, the retail projects could be delayed, too, says John Melaniphy, president of retail consultancy Melaniphy & Associates Inc. in Chicago.
"It would be very difficult for both of these shopping centers to move forward right now," he says. "The developers are counting on a tremendous amount of new housing. . . . It's likely to come down to whoever can sign up willing retail tenants first."
Subscribe to:
Post Comments (Atom)
7 comments:
Hello.
The most recent update on stores from both Volo Village Marketplace and Shops at Lakemoor plan/design have been revised to include the following:
Volo Village Marketplace
1) Target
2) Dick's Sporting Goods
3) Petsmart
Shops at Lakemoor
1) Super Walmart
2) Best Buy (taken away from Volo Marketplace)
3) Chase Bank
It appears both shopping centers will go in but will be in tough competition to sign tenants.
Should be interesting.
Looking at the aerial view photo for VVM, the proposed Lowes is showing in phase 2 along with LA Fitness.
Next to Target is Marshall's and there's also a 5/3 bank along 12.
Thanks.
They just updated that since last night. Originally, they had listings of specific tenants in every lot, then removed them all to only 3 yesterday, and now re-added LA Fitness. The Lowe's isn't final yet, still proposed.
Went to the public hearing last night and it was postponed because the developers did not have the presentation ready according to the plan commission.
Great site by the way! Does anyone know when the presentation will be by the developers if it was cancelled? What other things were listed to be at Volo Village Marektplace when it listed everything? Curious to know why they would have taken them all off and then add only a few back in.
Well, here are the highlights of the plan commission meeting:
The plan commission had several items which the developers will have to follow up with answers and revisions to the site.
Some key items learned were:
1) Stoplight at Gilmer Rd/Ellis extension has been officially approved and is ready for installation.
2) There will be a stop light within the development itself on Ellis Dr. between Rt 12 and Gilmer Rd.
3) Stoplight not yet approved for Route 12/Ellis Rd., but is well on its way it sounded like.
4) There was no discussion of specific tenants except for Target. There are no plans for this to be a Super Target at any point.
5) It sounded like the original plan posted on the Volo Village Marketplace site was scaled back due to tenants not wanting to be named as of yet.
6) It was referenced that ground breaking will be in Spring 2008, not Summer 2008 as currently listed on the website.
7) I heard side conversation after the meeting mentioning that of the two projects at Rt 12/Rt 120, this project is considerably further along in all aspects of the concept/plan/development. It also sounded as though no tenants are confirmed in the other project.
There are more items to be discussed and the meeting will be extended to the next scheduled date.
Should be interesting!
To be continued...
Cool, Thanks for the update!
Cool, Thanks for the udpate!
Post a Comment