Posts Tagged ‘Office’

Inland Empire Poised for Industrial Comeback

Wednesday, July 22nd, 2009

Over the past decade, California’s Inland Empire has been transformed from a little-known region with affordable housing and lots of inexpensive land into an industrial hub – thanks to its proximity to the busy Ports of Los Angeles and Long Beach.  With the City of Ontario embarking on The Ontario Plan, sciearmalogo2city fathers are laying the groundwork for increased investment over the next 30 to 40 years.  The plan’s goal is to create an all-inclusive community where people and businesses will want to be.

According to Mary Jane Olhasso, economic development director for the City of Ontario, “Although firms are pulling back, they still realize that the region has competitive advantages over our coastal neighbors.  In Ontario, both industrial and office lease rates are lower than Los Angeles and Orange County.”

The Inland Empire’s industrial market is in a prime position to recover when the economy improves because the region is notable for its relatively low-cost housing, large workforce and vital location relative to international shipping.  With 40 percent of all containerized cargo entering the United States through Southern California ports, the Inland Empire is the logical location for gigantic distribution centers to handle the freight prior to shipping it throughout the United States.

Cornerstone Gets the Green Light

Thursday, April 2nd, 2009

Cornerstone’s launch fulfills William A. Alter’s 30-year vision that began when the legendary real estate titan acquired the first of what now comprises 650 acres in central Lake County.

As a mixed-use development pioneer, Bill Alter understood that differing residential products could- and would — flourish, complete with nearby stores.  Cornerstone is taking Bill’s vision a step farther by creating an environment where industrial, research-and-development and office and retail jobs will coexist within walking distance of housing, entertainment opportunities and shopping.  rtkl_cornerstone_eyelevl2sign1

Costing  an estimated $750 million,  Cornerstone is a significant project which will take early 12 years to complete.  It is expected to create hundreds of construction jobs.  At completion, we expect that Cornerstone will add more than 9,000 jobs within the project, as well as almost 7,000 supporting jobs throughout Lake County.  Currently, our development plans call for 3 million SF to 3.5 million SF of light industrial/office space, 500,000 SF to 600,000 SF of shops and restaurants and 800 homes, mostly townhouses, apartments and condominiums.  Located west of Illinois Highway 83, Cornerstone is expected to be annexed into the village of Grayslake.

The Grayslake community is embracing the concept of Cornerstone.  At public hearings and planning commission meetings with Village officials, we’ve received consistently positive feedback, with comments such as “Well-balanced land use plan.”, “This is what Grayslake needs – NOW.” and “We need more amenities locally.”

We still face some challenges as we move forward, but I have every confidence that Cornerstone will become the most sought-after destination in central Lake County.

Industry Mourns Passing of Bill Alter

Monday, August 18th, 2008

Bill Alter, founder of The Alter Group, passed away peacefully Friday, August 8, in his Winnetka, IL, home of complications from Alzheimer’s at age 78.  Named one of the most influential people of the 20th century by National Real Estate Investor magazine, Alter presided over the development of more than $1 billion of space over a half century.

Alter’s Realty Company of America began building homes for post-war, first-time buyers.  In 1959, Alter developed the first residential community for middle-income minority buyers, Kingston Green in Markham, IL.  With Olympian Jesse Owens as his national spokesman, Alter brought the dream of home ownership to hundreds of families.

Dubbed the “sky broker”, Alter was known throughout his native Chicago for using a twin-engine plane to scout land sites.  His son, Michael, who succeeded his father as president in 1995, said “his was a uniquely American story.”

Over the decades, The Alter Group developed millions of square feet of speculative office, industrial, research-and-development, and healthcare space in a variety of business parks.  A recipient of the Lifetime Achievement Award from the Urban Land Institute, Bill helped create the now widely copied concept of the professional planned industrial park.

Bill is survived by his wife, Evelyn.  He was the father of Michael, Harvey, Jennie, Jonathan, and the late Rhonda Alter.  Additionally, he had two step-children, Nicky Bliwas and Tony Winski, as well as 13 grandchildren.

Welcome

Wednesday, March 19th, 2008

Dear Friends,

Welcome to Alter NOW, our company’s brand new blog. We hope you’ll find it informative as we set out to chronicle the important trends underway in our industry. We hope to keep this free from sales and marketing language and simply use it as a way to start a dialogue with the stakeholders in our firm — our clients, our tenants, our contractors, our communities.

For those who may be unfamiliar with our firm, The Alter Group is 53 years old this year. We started as a residential developer in the south side of Chicago and have since grown to become a national developer of office, industrial, healthcare, hotel and retail facilities in 25 markets around the country — from California to Washington DC.

There are 160 people in 4 offices who keep the company running. I am grateful to all of them. Since brevity is the soul of wit, I will sign off here. I hope you enjoy Alter NOW.

Best wishes,