(For more retail coverage, click GlobeSt.com/RETAIL.)
GLEN ELLYN, IL-The Village of Glen Ellyn has granted approval for the creation of a retail development at the northwest corner of Roosevelt Road and Nicoll Way. V Land Corp., which purchased the site from Stahelin Properties, plans a three-facility center.
The retail development will consist of a 15,000-sf Aldi food store, a 4,000-sf Fifth Third Bank location and an 11,400-sf multi-tenant retail building. Ground will be broken on all three next month and completion is planned for late this year.
This is one of the last undeveloped parcels available in this part of the village for retail development, according to Scott Nicolson, VP at V Land Corp. He tells GlobeSt.com that "we worked with the planning guidelines we received from the village for this PUD."Wendell Hollan and Aaron Kulic of CB Richard Ellis represented both V Land and Aldi. Fifth Third was repped by MidAmerica Development. The CBRE team has also been retained as marketing agents for the retail building.
Kevin McLoughlin, a broker with MidAmerica Real Estate, tells GlobeSt.com that communities like Glen Ellyn can be selective as to what types of projects they will allow. "Available land for these types of projects is rapidly diminishing. Roosevelt Road is the primary shopping area in that community. Retailers are interested because places like Glen Ellyn have good population density and demographics."
The architectural firm of Arcline Associates is designing the multi-tenant building. Both Aldi and Fifth Third will each choose their own architects and builders.
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