Search
 

Developers Sought for Quarry Site

CRYSTAL LAKE, IL-The city is budgeting about $20 million in tax increment financing to help spur development of Vulcan Lakes Center. The result could include a hotel and restaurant as well as condominiums and townhomes.

By Mark Ruda | Updated on May 16, 2006

CRYSTAL LAKE, IL-This far northwest suburb is looking for developers willing and able to build in a Vulcan Materials Co.’s former gravel quarry. The city is budgeting about $20 million in tax increment financing to help spur development of Vulcan Lakes Center, south of Northwest Highway between Main Street and Pingree Road.

City officials hope to meet with potential developers early next month and pick a finalist by June 30. The would-be development team and city would have six months to strike a redevelopment agreement involving 95 acres of land under city control. Another 31 privately-held acres could become part of development plans, city officials say.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.