Shopping Center Business

JUN 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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Page 39 of 60

Groundbreaking New Development: I-57 Bourbonnais Parkway Interchange Opening Fall 2018 A s the Chicago metropolitan area continues to build out, predictions forecast that the southland will see population growth as much as 175 percent and employment growth of as much as 225 percent over the next 15 to 20 years. A quick, 45-minute drive south of Chicago, the Village of Bourbonnais and surrounding Kankakee County are already experiencing this growth. The region recorded $1.5 billion in major capital investment generated by robust expansion and new development in the advanced manufacturing, transportation/logistics, energy, health care and bioscience sectors (2014-2017). The community continues to lead the state in job growth among small metros, as calculated by Milken Institute in its Best-Performing Cities Index 1 , and is the #4 small metro for cost of doing business in the USA, according to Forbes Magazine 2 . The Village of Bourbonnais and its development partners have made significant new infrastructure investments to meet current and future industrial, commercial and residential demand. A major focus of this cooperative effort has been around the new I-57 interchange at Bourbonnais Parkway, scheduled to open in fall 2018. "Utilities - gas, electric, water, wastewaster, fiber – all are available in abundance at the Bourbonnais Parkway development area, along with access to rail," noted Bourbonnais Mayor Paul Schore. "We've established multiple incentive programs and have begun fielding serious greenfield development interest." Bourbonnais Parkway is appealing for new development due to eligible incentive programs – Tax Increment Financing, Business District and Enterprise Zone. Over 1,400 acres are currently available for industrial TIF, while potential reimbursements to private developers within the Business District provide additional benefits. Two Enterprise Zones provide 5-year property tax abatement, sales tax exemptions on building materials, machinery and equipment sales, utility tax exemption and other growth incentives for new development. "Valuable incentives, low-cost land, proximity to Chicago and having a ready and diversified workforce mean Bourbonnais Parkway is very well-positioned," noted Chris Curtis of Nugent Curtis Real Estate. "We're seeing an influx of small to mid-sized, growth-oriented manufacturers and service providers investing in Kankakee County," Jeff Bennett of McColly Bennett Commercial Real Estate confirmed, adding, "They're in need of more space, more affordability and easier access to markets – we're able to provide all here quite readily." For more information on the new Bourbonnais Parkway and Village of Bourbonnais development opportunities, contact Laurie Cyr: 815-802-5323 or Milwuakee Chicago Indianapolis Cincinatti Detroit Cleveland Pittsburg KANKAKEE COUNTY RECENT REGIONAL AWARDS • $1.5 Billion in Recent Major Regional Capital Investment • #4 for Cost of Doing Business in USA by Forbes Magazine • #1 Small Metro for Growth by Milken Institute • 7th Healthiest Housing Market in Illinois by Smartasset 1 2 small/#tab:overall_header:costOfDoingBusiness

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