Long-Awaited Business Park Moving Again
Date Posted: January 9, 2018
Posted In: Projects,
From Illinois Business Journal: A mixed-use development along Illinois Route 143 and Interstate 55 is about to move to the front burner with significant progress anticipated in the coming year.
A planned, four-way signalized intersection will mark the entrance to Pin Oak Plaza, a 95-acre project planned just west of the interstate. The location is just across from where Blackburn Road exits onto Route 143. The stoplight is considered crucial to the development site, which features a lakeside setting and is expected to have a hotel, two restaurants, a travel plaza and the potential for much more, said Sean Goding, president of Pangea Development Co.
The site is privately owned, and Pangea has secured a master developer for the project. It will be a joint partnership between C.W. Byron Properties, L.L.C. and Plocher Construction Co., which will own, manage and perform the site development work.
Construction was scheduled to begin last summer but was delayed by due diligence studies involving access, surveys, soil boring, hydrology, wetlands and cultural research. Talks have involved the city, county, state and federal jurisdictions.
“Those things have taken more time than expected,” Goding said.
No significant archaeological results were found. However, analysis of traffic flow led to a decision to move the existing entrance to the site.
“It’s going to be a little further west, to avoid stacking issues with the interstate, so the traffic doesn’t back up,” Goding said.
The shift does not impact the overall plan, but it does affect some of the layout. The lake, too, is going to be redesigned so it is positioned further to the rear, allowing more frontage along Route 143.
“They are going to fill in some of it and dig out more behind it, to the south, toward the (Plummer Family) Sports Park,” Goding said. “It will be enough to accommodate 1-acre lots in the front. They really want to use the frontage on 143 because there is so much visibility there.”
He added: “Based on our (latest) meetings, everything seems to be positive. The studies are all finished. The timeframe that came out of them is workable with the developer, and they feel they will be ready for rough grading and dirt moving in early 2018.”
The title is expected to be transferred to Pin Oak Plaza LLC, the development holding company, about the same time, Goding said. Under the agreement the LLC will purchase 25 acres in the first phase and have an option to purchase the remaining 70 acres.