A consortium of developers and builders is undertaking an ambitious project to develop 186-acres on U.S. Highway 30 and Interstate Highway 55 into a retail and residential center.
The Village Board this week heard the initial plans for The Avenue of Plainfield, a center that will include 700,000 square feet of upscale retail, town homes and condominiums.
With a $23 million price for land costs alone, which will include the $13 million purchase and clean up of the Clark Truck Stop on Highway 30, the developers also broached the idea of an estimated $15 million in sales tax rebate assistance from the Village Board.
Of the 186 acres, only 100 are buildable due to floodplain and wetland restrictions, said attorney Mary Riordan of Mary Riordan Ltd. in Chicago.
Representatives of NAI Hiffman, a retail developer based in Oakbrook Terrace, Carlson Brothers Inc. in Joliet, and McGowen Group in Alsip presented a plan that would be a third attempt on the property, said James Testin, community development director.
If approved, construction on the project could begin in 2007, Riordan said.
The project could generate approximately $2.75 million in sales tax revenue for the village and generate $1.4 million in property taxes.
