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HOMER GLEN, IL-Downers Grove based-Champion Realty Advisors is developing a master-planned retail development that will accommodate more than 240,000 sf on 22 acres. Located at the northwest corner of 159th Street (Illinois Route 7) and Cedar Road, the development will be known as Cedar Glen Center.
The site will be marketed to upscale retailers with stores varying in size from 1,750-sf in-line units to 155,750-sf anchor spaces. Developer Larry Locascio of Champion Realty Advisors says the retail center will derive much of its consumer base from the expanding population in the area. With the looming Interstate 355 extension, Locascio says the area is ripe for further growth.
At 22 square miles, Homer Glen is Will County's third largest municipality. According to a census conducted in 2004, the current data shows a population of 24,083 and 7,716 households. The Northeastern Illinois Planning Commission also projects a population of 40,588 by 2030, which is a 54% increase.
Further, says Locascio, the Lockport Township High School District 205 has plans to build a new high school about a quarter mile north of Cedar Glen Center on Cedar Road. "The new high school, scheduled to open in 2008, will have over 2,700 students," he says. "Our shopping center will be there to serve the faculty, staff and families of the new high school."
Although no tenants have been signed, Locascio says the company has had interest from "a variety of potential retail tenants including grocers, general merchandisers, furniture stores, housewares and hardware, as well as numerous banks and restaurants."
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