Posts Tagged ‘Cook County’

Illiana Expressway to Bring Growth, New Jobs to Will County, IL

Wednesday, July 28th, 2010

Illiana Expressway will stimulate growth in Will County.  A historic partnership between the states of Illinois and Indiana gave the green light to constructing the Illiana Expressway, a 56-mile superhighway whose goal is to ease traffic congestion, create jobs and promote economic growth.  Illinois Governor Pat Quinn and Indiana Governor Mitch Daniels recently signed an agreement to construct a roadway that connects Interstate 55 in Illinois with Interstate 65 in Indiana.  An “outer encircling highway” that bypasses Chicago to the south, which was originally proposed in Daniel Burnham’s Plan of Chicago more than 100 years ago, is now closer to becoming a reality.

“We are partners,” Quinn said as the two governors signed the agreement at a location on the Illinois/Indiana state line.  “”They’re our allies, and we’ll work together for the betterment of both of our states and the whole region.”  The Illiana Expressway is expected to create 14,000 new jobs in Illinois and enhance access to growing freight and trucking facilities in Will County.

Illinois’ and Indiana’s transportation departments will choose a consultant to begin environmental impact studies and evaluate the optimal routes later this year.  A final plan should be recommended by 2015.  Also under consideration are four-, six- and eight-lane configurations, including one that includes four truck-only lanes.

The Illiana Expressway will be convenient to two Will County land sites that Alter 360° represents in unincorporated Wilmington, IL.  One is 30650 Route 53, a 7.98 acre parcel in unincorporated Will County at the corner of Route 53 and New River Road.  Currently there is a 14,668 SF, 30-year-old industrial building on the south eastern corner.  The asset is just five miles from Interstate 55 and the Centerpoint Intermodal center.  The second is a three-parcel, 21.14-acre site on the northeast corner of Indian Trail Road and Peotone Road, just six miles from Interstate 55.  Both sites are approximately 17 miles from the proposed South Suburban Airport.

With the ink barely dry on the bi-state agreement, no start date has been set for construction of the Illiana Expressway.

AFL-CIO May Ride to Chicago Spire’s Rescue

Friday, May 1st, 2009

A rather unexpected source may rescue the stalled Chicago Spire  condominium project – and pump significant money into Chicago’s battered economy by creating thousands of construction jobs.  Representatives from the AFL-CIO Housing Investment Trusts are in early discussions with developer Shelbourne Development Group to revive construction of the twisting Santiago Calatrava-designed condominium tower, located on a high-profile 400 North Lake Shore Drive site.chicago-spire-1

According to Tom Villanova, president of the Chicago and Cook County Building Trades Council – which represents 24 trades locally – talks with Irish developer Garrett Kelleher started in January and are still in the very early stages.  “The main thing is jobs,” according to Villanova.  “We can use our own funds to benefit members.  The Spire is going to be five years of construction, which is just phenomenal for us.  It’s thousands of jobs.”  If the deep-pocketed investment fund does invest in the Chicago Spire’s construction, the project would be a 100 percent union job.

The AFL-CIO has three investment trusts, including the Building Investment Trust.  This pooled real estate fund has more than $2.5 billion in assets as of the 4th quarter of 2008.  It was created in 1988 to provide risk-adjusted returns for participants, as well as a way to create commercial real estate construction jobs.  To date, the fund has invested more than $1 billion in Chicago projects.

It’s a fascinating twist in the populism which is currently shaping our economy.  As the country has lost 4.5 million jobs since December of 2007 and seen billions of dollars of abandoned projects, the idea of addressing the two in one bold stroke is fresh and original.  With TALF addressing the securities side of the business, and the Department of Housing and Urban Development, Fannie Mae and Freddie Mac only funding a narrow group of product types, the idea of tapping the pension funds to capitalize major projects that generate employment for the AFL-CIO’s members is definitely worth exploring.