- Steve Park
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Cornerstone Gets the Green Light
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.
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.