Cornerstone is a 640-acre mixed-use environment in Grayslake, IL, that brings together offices, light industrial, R&D, luxury residences, shopping, and marquee restaurants in the heart of Lake County.

faq

“Cornerstone will be a model for suburban living in Lake County”

Michael Alter, President of The Alter Group.

General


  • How many square feet of commercial and residential space will Cornerstone bring to the area?
    • Cornerstone’s master plan comprises 3.6 million square feet of office, light industrial, and R&D space;  600,000 square feet of retail and lifestyle shopping; and 801 residences.
  • How many jobs will Cornerstone create?
    • Cornerstone will bring more than 17,000 jobs to the community, including:
      • 764 construction-related jobs; 
      • 9,780 jobs within the development upon build-out; and 
      • 6,770 indirect jobs elsewhere within Lake County upon build-out. 
  • How will Cornerstone affect the long-term future of Lake County?
    • Cornerstone provides a plan to accommodate the growth projected for Lake County which is expected to be approximately 200,000 new residents in the next 15 years:
      • Cornerstone gives Lake County a plan to manage some of this projected growth within a compact 640-acre footprint.
      • Cornerstone’s plan facilitates the process of intelligent growth by providing large “shovel-ready” sites for businesses to get up and running quickly. 
    • Cornerstone promotes a truly diversified economy within Lake County to protect values and better withstand economic headwinds over the long term. The plan integrates a number of uses:
      • 801 residential properties that include row homes, town homes, condos, single-family housing, apartments, and senior rental units;
      • 3.6 million square feet of office, light industrial, and R&D space; 
      • 600,000 square feet of retail and lifestyle shopping ; 
      • 120 acres of ponds, wetlands and other open space. 
    • Cornerstone will create jobs:
      • 764 construction-related jobs 
      • 9,780 jobs within Cornerstone upon build-out with an average annual salary of $71,000 
      • 6,770 indirect jobs elsewhere within Lake County upon build-out
      • Every 10 on-site jobs are estimated to create an additional 7 jobs in Lake County
    • Cornerstone will generate a higher standard of living:
      • Cornerstone’s ongoing annual economic impact to Lake County will be $2.2 billion. 
      • Cornerstone’s total ongoing annual labor income will be $981 million. 
      • Cornerstone’s average annual salary ($71,000) is 45% greater than the 2005 Lake County average ($49,000). 
      • Cornerstone will increase Lake County’s employment base by 5%. 
      • Cornerstone will increase Lake County’s wage and salary payroll by 6%. 
    • Cornerstone will benefit schools and government:
      • Tax benefits to schools and governments will be immediate, substantial and ongoing.
      • Tax revenue generated to Fremont Elementary District will total $44.2 million from inception to build-out; the ongoing annual revenue will equal $6.4 million.
      • Tax revenue generated to Mundelein High School District will total $27.6 million from inception to build-out; the ongoing annual revenue will equal $3.9 million.
      • Tax revenue generated to Grayslake Community High School District will total $7.1 million from inception to build-out; the ongoing annual revenue will equal $1.1 million.
      • Cornerstone's total impact on all schools over the 12 year construction period will be $79 million.
      • Revenues to Grayslake will total $4.4 million each year at build out.
      • Property tax revenues to Lake County will exceed $ 1 million each year at build out.
  • Given the recession, why build Cornerstone now?
    • The average time of a recession is 16 months, so it is critical that Cornerstone undertake preconstruction and planning now.
    • Lake County needs an employment center that is closer to where employees and businesses want it.
    • Businesses are no longer content with isolated, free-standing facilities - they want high-quality, amenity-rich environments.
    • At a time when shovel-ready sites in Lake County are hard to find causing many companies to migrate to Wisconsin and elsewhere, Cornerstone will be a powerful magnet for businesses to relocate to Lake County
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Cornerstone’s Impacts on Schools


  • How will Cornerstone financially impact the school districts in the surrounding communities?
    • Cornerstone will impact the financial health of the school districts in a number of positive ways:
      • Cornerstone will generate $79 million total in tax revenues for all schools over the development’s 12-year construction period, including:
        • $44.2 million to the Fremont Elementary District and subsequent annual revenue of $6.4 million.
        • $27.6 million to the Mundelein High School District over the first 12 years and subsequent annual revenue of $3.9 million. 
        • $7.1 million to the Grayslake Community High School District over the first 12 years and subsequent annual revenue of $1.1 million.
        • The windfall of tax revenue may also result in a decrease in local property taxes. 
  • Won’t Cornerstone burden the school districts with too many new students?
    • Cornerstone’s master plan features 70% non-residential land uses vs. 30% residential land uses in order to control the area’s density.
    • Residential property will be built slowly over a 7 to 9 year period.
    • A large percentage of the residential development will be no or low - impact residential.
    • Cornerstone will only add 206 students to Fremont Elementary District by 2017.
    • Cornerstone will only add 69 students to Mundelein High School District by 2017.
    • No new students will be added to the Grayslake Community High School District.
  • Will Cornerstone have any impact on the quality of education in the communities?
    • Cornerstone will provide for a higher standard of learning. The revenues generated by Cornerstone for the school districts can be used for more teachers, better schools and better curricula and programs.
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Impact on Traffic


  • In the near term, isn't this project going to add to an already difficult traffic situation?
    • No.  On the contrary. In the short term, Cornerstone will be the impetus for much - needed road improvements, including:
      • The widening and improvement of Peterson Road from east of  IL83 to west of Alleghany;
      • The widening and improvement of IL83, from north of Peterson Road to south of Winchester; and
      • The widening and improvement of Alleghany Road from Peterson Road extending north.
  • In the long term, won’t Cornerstone promote more commuting and burden the area’s infrastructure?
    • No. Cornerstone’s master plan reduces drive times in a number of ways:
      • Cornerstone’s compact development, with jobs and residences in close proximity to each other, will reduce commute times. 
      • Cornerstone is within 1.5 miles of 3 commuter stations with PACE connections to and from Cornerstone, allowing employees and residents to take better advantage of public transportation. 
      • Cornerstone will attract employers who want to be closer to their employees, many of whom live far west of the I-94 corridor. 
      • Cornerstone's central location will relieve traffic headed to the Interstate. 
      • Cornerstone’s long-term vision is to bring huge economic, environmental and personal savings – less driving means less gas, less traffic means less pollution, more free time and dollars to do what you want to do. 
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Why Housing at Cornerstone?


  • Given the housing market, why include any residential development?
    • Cornerstone’s residential plan creates an optimal mix of different residential types to create diversification and ensure that overall home values will be protected over the long term.  Included are:
      • Row homes & townhomes;
      • Single - family market rate and age-restricted housing; 
      • Condominiums; and 
      • Market - rate and age-restricted apartments. 
  • Doesn’t Cornerstone repeat the old mistake of developing too many houses in Lake County?
    • No. Cornerstone, through its extraordinary array of product types, is a counterpoint to the old Lake County strategy which pegged growth exclusively to residential expansion.  This created a number of issues:
      • A lack of jobs and no land for new employment; 
      • Longer commute times; and
      • Placed severe pressure on schools.
    • The Cornerstone plan promotes a new vision of growth:
      • Diversity in housing;
      • A master plan that minimizes traffic congestion and maximizes productivity;
      • Better proximity to shopping, services, and entertainment;
      • Integrated, harmonious architecture; and
      • A decrease in the residential property tax burden.
  • What is the Cornerstone strategy for residential development?
    • Provide a variety of housing to allow residents to move up or down depending on family size and circumstances;
    • Locate housing close to jobs to reduce congestion and spur greater economic activity;
    • Integrate housing within the same footprint as shopping, business, services, and entertainment;
    • Design residences to complement the Classical, Victorian and Prairie styles of the surrounding communities; and
    • Guarantee a minimal impact to residential property taxes since 70% of the development will be dedicated to non-residential land uses.
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Impact on the Environment


  • Will Cornerstone help or hurt the environment? Is the development using ‘green’ concepts?
    • Cornerstone is the leading edge of environmental consciousness.  The new development embraces a number of critical green strategies that will create a smarter, better plan for the community and its environment:
      • Less is more; 
      • Cornerstone will be compact; 
      • Cornerstone provides one place within which to live, shop, and work. 
    • Cornerstone recognizes a changing paradigm:
      • We are driven by a desire for more leisure time and shorter commutes. 
      • We are driven by a desire to respect the environment and have a smaller impact on the planet.
      • We want to leave the car in the garage and walk or bike instead. 
      • We want to save money through lower transportation costs and conserving fuel. 
    • Cornerstone is eco-friendly:
      • Offers greenways, waterways, and simple open spaces; and
      • Keeps housing compact to allow for more common space.
    • Cornerstone incorporates Best Management Practices, including:
      • Use of bio-swales
      • Wetland pre-cleansing
      • Conserving water and energy through use of recycled rain water for irrigation
      • Using native non-invasive plants
      • Offering maximum possible open space and natural amenities
    • Cornerstone preserves and improves quality of life and livability through its common-sense and visionary strategies:
      • More compact development means 20% of the development (120 acres) is open space for community enjoyment
      • Cornerstone gives families and employees what they want
      • Employers say they want employees who live close to where they work
      • Proximate retail shops means shorter trips for groceries, entertainment, and restaurants
      • Less traffic means less pollution which leads to better health for all residents and employees
      • Healthier employees mean more profitable companies
      • More personal time and less commute time for workers means less absenteeism and lateness/more productivity for companies
      • Keeps taxes lower because of strong commercial base