“Cornerstone will be a model for suburban living in Lake County”
Michael Alter, President of The Alter Group.
Top of page
- 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
Cornerstone’s Impacts on Schools
Top of page
- 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.
Impact on Traffic
Top of page
- 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.
Why Housing at Cornerstone?
Top of page
- 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.
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