Alter Launches $750 Million, 641-Acre Cornerstone Mixed-Use Development

CHICAGO, March 11, 2020 (Newswire.com) - ​​Alter (www.altergroup.com), one of the nation’s premier commercial real estate developers, announces the launch of Cornerstone, a $750 million, 641-acre mixed-use development at Peterson Road and Route 83 in Northwest suburban Grayslake, Illinois, a near suburb of Chicago. The park’s inaugural facility will be a LEED-certified 1.4 million-square-foot facility for the medical supply company Medline Industries, Inc. At completion, it will be the fifth-largest warehouse in the world. 

“This innovative development in central Lake County will be one of the largest master-planned projects in the United States,” said Michael Alter, President of Alter. “The area has become a hub for biotech, pharmaceutical, and packaged goods industries. The development will leverage the growth of Northern Cook and Lake counties to be a powerful revenue generator for local and county governments and schools throughout the life of the development. Cornerstone will enhance the quality of life, protect the environment and mitigate road congestion in central Lake County.” 

The mixed-use development will include approximately three million square feet of light industrial, research-and-development and office space.  Cornerstone will be built over 12 years in multiple phases in cooperation with the Village of Grayslake, including utility extensions and road enhancements. The initial phase will be a 310-acre parcel north of Peterson Road, which will be developed over the next five years. ​

Medline, headquartered in Northfield, plans to relocate its Libertyville operations to the new facility. In addition, the new facility will add 250 more jobs to the operations. The building will be completed in early 2021. 

“Cornerstone will allow for opportunities that add significant benefits to the local economy such as jobs and growth in the local property tax base for schools and other taxing districts,” said Grayslake Mayor Rhett Taylor. 

“This is a great win for Lake County and Illinois,” said Kevin Considine, President and CEO of Lake County Partners. “Medline chose Cornerstone over major parks in Indiana and Wisconsin because of the quality of our labor force, our lower taxes, and our transportation infrastructure. As I see it, the planning that has gone into this project will pay huge dividends to Lake County, especially Grayslake, Mundelein, Libertyville, and the Round Lake communities,” Considine said. “It will create 9,000 high-quality jobs close to where people live, and it will do so with minimal impact. Traffic impact outside of the actual development will be mitigated, thanks to Cornerstone’s self-contained nature and its proximity to existing population centers and planned road improvements.”  

Winner of NAIOP’s National Developer of the Year, Alter is a national corporate real estate development firm of office, industrial, and healthcare facilities. Founded by William A. Alter in 1955, the company has developed close to 100 million square feet of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year, Alter has 2.5 million square feet of space under development in national markets. Information at www.altergroup.com. 

Media Contact:   
Tom Silva, Alter
(847) 778-9628

Source: Alter