The first phase of the park was a distribution center constructed for FedEx on a 25-acre site. The distribution facility was completed last year. Once completed, the park is expected to encompass approximately 500 acres with a total of two million sf, says Rick Delisle, a principal with Lee & Associates.
The second phase of the park will consist of a 150,000-sf, speculative, multi-tenant building and a one-mile roadway that will run through the park, Prost says. The building is expected to be completed by the end of the year, he says. An asking lease rate for the building has not been decided yet, Prost says.
Lee & Associates is the leasing agent for the park. Panattoni also expects to construct build-to-suit facilities at the park. "Trumpet Park has a lot of acreage to it, so we have the ability to build buildings as large as one million sf contiguous," Delisle says. The first two phases of the business park are expected to be completed by 2012.
The business park will also have a total of approximately 58 acres that will be wetland preservation, including ponds and wetland detention basins. The park's environmental design was completed by Chicago-based Spaceco Inc. Panattoni is also using recycled material for the roads.
The business land is being constructed on land that was formerly two farms. "It is only approximately three miles from a full four-way intersection (for Interstate 94) at Russell Road," Delisle says. The property is in Lake County, which "historically, has lower commercial real estate taxes than Cook County," Delisle says. Zion is near the Illinois and Wisconsin state line but is still in Illinois, allowing companies to apply for Illinois EDGE tax incentives, he says.
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