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JV Buys 100 Acres for Homes, Retail Center

OSWEGO, IL-V Land Corp. has purchased 100 acres in Oswego with plans for single-family and multifamily residential, and more than 345,000 sf of retail.

By Gina Kenny | Updated on February 26, 2007

OSWEGO, IL-Chicago-based V Land Corp. has purchased 100 acres of land at the southwest corner of Routes 30 and 34 here. A joint venture between V Land and Chicago-based Commonwealth Realty Advisors Inc. plans to construct a 144 townhomes and 78 single-family homes on the 55 acres with the rest of the property being developed with retail, according to a released statement. The sellers of the property were Troy Trust LLC and Louis Karlis. The price of the land was reportedly about $17 million.

An approximate 300,000 sf building, a 45,000 sf building and eight outlots are planned for the retail development, to be called Oswego Marketplace. LA Fitness will lease the 45,000 sf building. Terms of the lease were not disclosed. Construction is expected to begin in the fall with the first phase completed by summer 2008.

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