"We are offering them real estate brokerage services for their properties and retail spaces available," Karen Runge, managing broker with Inland, tells GlobeSt.com. "This includes doing searches for qualified developers and compatible retailers on sites they have identified for us to focus on. We want to get the word out about the benefits of doing business in Crystal Lake, and the city would like to find out what opportunities exist and which retailers would be a good fit."
The city has identified 19 properties, either with open land it hopes to develop or buildings it hopes to occupy. The properties range in size from less than an acre to more than 23 acres. Buildings on the properties range in size from 6,600 square feet to 192,000 square feet, and include former restaurants and a vacant Pier 1 Imports location.
"They're trying to expand or enhance what they have there and redevelopment efforts, and we're going to work to make retailers and developers aware of them," Runge says. "They feel McHenry County has a strong workforce, and that they are a great community and place to do business. The city wants to increase their entertainment and dining selection, and the amount of recreation-based businesses, and also welcomes office, industrial and medical uses." Runge tells GlobeSt.com that the city has not put together specific thoughts on what type or size of development it would like on the parcels.
Paul Cawthon, senior commercial associate, and Angelo Labriola, commercial associate, will help Runge in consulting and brokerage work for Crystal Lake. Inland is also planning advertising and designing a Web site for the city, which will be up and running in the coming weeks. The city originally retained Inland for a three-month period through the end of the year, but Runge says she expects the partnership to be renewed for a longer period in 2009.
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