Savvy developers looking at close-in suburbs

Savvy developers looking at close-in suburbs

Savvy developers are looking for economic development opportunities in inner-ring suburban cities and villages particularly since gas prices have been rising.

Developers who want to stay ahead of the curve are doing a 180 degree turn from the trend of recent years of pushing further out into the suburbs to find redevelopment opportunities, according to John LaMotte, city planner and principal for the Lakota Group, which has an office in Chicago.

Probably one of the most significant opportunities in areas close to Chicago is Maywood, he said.

A new comprehensive plan for that community highlights several opportunities for new investment and development, including:
• A large mixed-use commercial town center at First Avenue and the Eisenhower Expressway;
• Upgraded and expanded industrial sites;
• Infill single family homes on a former rail right-of-way;
• Extension of the Illinois Prairie Path to a new river walk along the Des Plaines River; and
• Transit-oriented development around the area’s train station.

Along with those plans, Maywood, which is located four miles west of Chicago, also has the Loyola University Medical Center, which is involved in a $120 million expansion project that includes a new patient tower. The 170,000-square-foot-structure features the latest medical technology.

Although the that project was completed earlier this year, work to revamp the existing hospital building will continue through October 2009. The additional phases will include renovation and reconstruction of the adjoining Russo Pavilion and will involve more than 60,000 square-feet of the existing hospital’s first and second floors.

The Loyola facility, which employs more than 6,000 people on the 60-acre site, enhances the image and stability of the Maywood community, according to James Whitehead, vice president for government and community affairs for Loyola. The executive, who is also on the board of directors of the Maywood Chamber of Commerce, noted that Loyola is not just a community hospital, but an academic teaching hospital.

In addition to the expansion of Loyola, another important step is the recent adoption of an updated comprehensive plan by the village of Maywood, said Edwin H. Walker IV, president and CEO of the Maywood Chamber, which is designed to attract developers for investment in economic development projects in the village.

Walker voiced concerns about some aspects of the plan, which was adopted by the village in April. Without proper attention to Roosevelt Road in the body of the plan, quick movement to take advantage of its intrinsic business opportunities could dissipate, according to the Chamber executive.

Roosevelt Road is one of three Tax Increment Financing (TIF) districts created by the village, he stated, so financial resources are available for property acquisition, demolition and rehabilitation.

Walker stressed the importance of the village acting quickly to reach out to Loyola to collaboratively redevelop the Roosevelt Road area from 1st Avenue to 5th Avenue and from Roosevelt Road to I-290.

“We need to take advantage of this once-in-a-lifetime opportunity to improve and enhance the village of Maywood,” he said.

LaMotte agreed but added that when his company does a comprehensive plan, it is looking at the entire community from a land use standpoint. As the momentum built on the Maywood project, Roosevelt Road was talked about, but primarily as a commercial land use area, according to the planner.

“Typically, a town or village will just get the broad plan with the colored map. So Maywood has five or six of these land plan concepts now,” he said. “One of their next steps should be for the Maywood Chamber of Commerce to get more involved to rally businesses and involve the institutions in the process.”

Rarely do you find so much land potential at an interchange, LaMotte said of the Town Center concept for First Avenue and the Eisenhower Expressway.

“It is a great opportunity, but it is going to take some work to do.” Developing a Town Center there could be a tremendous economic development boost for the village with or without transit. In my opinion, it is a golden opportunity for Maywood.”

(The village has applied for federal funds for the construction of a rail station and service for the Metra line at Fifth Avenue.)

LaMotte said this Town Center kind of development could help overcome the lingering negative perceptions of the village, which has had economic problems like the closing of the American Can Co. facility in 1973.

He said he has seen other communities overcome a negative image, and he said that Maywood’s outlook is extremely promising.

“If they start cleaning up and greening up the neighborhoods, bringing back business to the community, improving the rail system and giving the green light to new developments, that will help bring new energy and investment into town.”

Walker said people want to see a stable, professional and efficient municipal government as well as quality educational facilities in schools.

“People are not going to come to Maywood if they see that Maywood has the highest rate of murders,” he said, and, as for education, the Chamber president noted, “I don’t need to beat that ‘dead horse’ because we all know what a sad state of affairs we have in the schools of this community.”

Mayor Henderson Yarbrough, Sr. said the Comprehensive Plan adopted earlier this year sets the tone and direction of the village with detailed directions on how it will move forward.

“We must, as a community, continue to increasingly strive for progress and improvement in safety, economics, programs and faith,” he said. “The village of Maywood will continue to move forward economically and we will continue to support programs that will raise the bar for our youth and that will provide exceptional services for our seniors.”

The mayor said it has taken four years of his administration to obtain approval of the comprehensive plan and will take some months to make zoning changes in accordance with the new plan.

He noted that developers are showing interest in parcels of land the village has acquired.

“While we are not in such a big rush, we want to develop opportunities as soon as possible,” Yarbrough said.

Dan McLeister, Contributing Writer

Posted on Monday, August 18, 2008 (Archive on Monday, August 25, 2008)
Posted by jstoltz Contributed by jstoltz

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