Main Street Developing $300M In Retail Centers

ELGIN, IL-Main Street Commercial Partners, based here, is developing five lifestyle centers in Illinois with a total of more than 1.1 million sf. The value of the projects combined is more than $300 million, says Karen Runge, managing broker for the Chicago office of Inland Real Estate Sales Inc. Oak Brook, IL-based Inland is the sales and leasing agent for the centers. The shopping centers will be located in Yorkville, Orland Park, Mokena and Aurora.

Two centers, called Cobblestone South and Cobblestone North, are planned for the intersection of Route 34 and Eldamain Road in Yorkville. Cobblestone South, located at the southeast corner of the intersection, will have more than 150,000 leaseable sf on 20 acres and Cobblestone North, at the northeast corner of the intersection, will have more than 450,000 leaseable sf on 50 acres. The two centers are part of a booming market in Yorkville with an estimated three million sf of commercial space planned or under development on a two-mile stretch of Route 34 between Cannonball Road and Eldamain Road, Runge says. The developer has not decided asking lease rates yet for Cobblestone South and Cobblestone North. Construction is expected to begin next year on Cobblestone South. There is not a timeline yet for when construction will be completed on the Yorkville centers. Main Street Commercial Partners is also working on the centers in Orland Park, Mokena and Aurora at the same time, she says. “They are in progress at different states of development with all of those sites, and Yorkville is the furthest away from being completed,” Runge says.

Rock Bottom Brewery, which is leasing about 8,100 sf, and Mimi’s Café, which is leasing about 8,300 sf, are already open in the 110,123-sf Main Street Village West, located at 161st Street and LaGrange Road in Orland Park, Runge says. The center will have a total of 89,963 sf of retail space, an additional 16,400 sf of restaurant space and 3,760 sf of office space. Starbucks Coffee has signed a lease for slightly less than 2,000 sf and LA Boxing, an exercise center, has signed a lease for 45,000 sf at the center, she says. About half of the space is already leased in the center. The asking lease rate for the retail space is between $15 per sf and $35 per sf net, she says. Main Street Village West is scheduled to be completed within 90 days.