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Partnership Plans $100M+ Open Air Center

VOLO, IL-The partnership is acquiring 90 acres and plans to construct a 725,000-sf retail development, with construction on the first phase starting next spring.

By Gina Kenny | Updated on August 24, 2007

VOLO, IL-A partnership between Orput Cos. Inc., headquartered in Rockford, IL; Oakbrook Terrace, IL-based Mid-America Asset Management In. and Irving, TX-based Archon Group LP has acquired 90 acres here at the southeast corner of State Route 120 and N. US Highway 12. The partnership plans to develop a 725,000-sf regional open air center to be called Volo Village Marketplace, which is expected to cost more than $100 million, according to a released statement from the partnership. Representatives from the partnership were not available for comment.

“Volo is experiencing and explosion of new residential development that is projected to double the population in four years, but there are no retail centers yet to serve the increasing demand,” said Greg Orput, director of development for his company, said in a statement.

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