Glenview officials say their village will annex Allstate’s corporate campus underneath an settlement with Prospect Heights that could ease a developer’s path to converting the house into a logistics hub.
Allstate has fully commited to offer the site at 2775 Sanders Highway for $232 million. The 232-acre web-site has a Northbrook mailing deal with but most of it is in unincorporated Prepare dinner County.
Glenview and Prospect Heights have been headed into a tug of war over annexation legal rights involving the assets and who would regulate its redevelopment. The settlement involving the cities averts that, supplying Glenview management of the internet site. In switch, Glenview will give Prospect Heights a share of the project’s tax profits.
“We’re pleased to have come to an arrangement on this speedily and in the greatest fascination of both communities,” Glenview Village President Mike Jenny claimed in a news release from both towns issued Friday. “Keeping the entire growth in a person municipality will help guarantee an productive overview and correct oversight of the land.”
The arrangement phone calls for Glenview to fork out Prospect Heights 18% of the residence and profits taxes the growth generates every single year. The site’s buyer, Reno, Nevada-based Dermody Homes, has proposed setting up up to 3.2 million sq. toes of warehouse room, replacing the business office properties. The sale is contingent on local zoning acceptance.
Glenview also would send out Prospect Heights two payments of undisclosed amounts in advance of the house is redeveloped.
Officials stated the task could produce $12 million in tax revenue more than the following 10 many years. Glenview mentioned it will start out its zoning overview on June 22.
“Good federal government is about performing together to do what’s finest for residents, business enterprise proprietors and stakeholders,” mentioned Prospect Heights Acting Mayor Matt Dolick. “Both communities have a good deal to get from this agreement, and we glimpse forward to performing with the Village and the residence proprietors as the advancement moves forward.”
Prospect Heights had talked about annexing most of the Allstate internet site. Glenview officials argued that carrying out so would violate a 1997 pact amongst the two cities governing property along the Sanders and Milwaukee Avenue corridors.
A spokeswoman for Dermody declined to remark on the annexation offer.
In advertising the home, Allstate has stated the pattern towards remote get the job done signifies it no extended needs a roomy, landscaped headquarters. The corporation has purchased a 10-story constructing downtown at 29 N. Wacker Travel, contacting it a possible headquarters.