$1 billion mixed-use development here

Von Maur agreed to a long-term lease for 150,000 sf, says Gary Safady, managing partner of O&S Holdings. "There is no other site that can offer them the traffic, visibility and exposure that the (Interstates) 55 and 80 can.," Safady says. "It is a super regional site."

The retailer will have a two-story department store, which will be its seventh in the state. Von Maur currently has 22 locations in the Midwest with locations expected to open in the fall in both Dayton, OH and Overland Park, KS. "As one of the fastest-growing cities in the country, Joliet – and the entire south suburban Chicago area – represents an area of significant opportunity for us," Von Maur president Jim von Maur said in a statement.

Co-anchoring the development will be Regal Cinema, which will have an 18-screen theater. Regal Entertainment Group, based in Knoxville, TN, has a long-term lease, with a term of between 15-to-20 years, for 75,000 sf, as previously reported by GlobeSt.com. The Chicago office of CB Richard Ellis, O&S Holdings and Strategic Retail Development are handling the retail leasing.