In August, 2012 the Village established a Strategic Plan for Economic Development promoting 8 targeted areas for investment throughout the Village with incentives and proactive outreach to attract best fit retailers to these areas.
Each area is its own unique market area with opportunities ranging from: for sale, lease space, and new development investment potential. The Village has developed information packets for each of these areas containing contact information for sites available and has provided marketing analysis for many of them, utilizing Dunn & Bradstreet data and 2010 Census figures, to showcase the retail supply and demand for best fit investment opportunities.
As part of our proactive economic development strategy, Lake in the Hills utilizes market analysis showcasing the benefits and market potential within its many target areas located along Route 47, Route 31, and in between. Tapestry Segmentation is part of the location analytics used to identify geographic market profiles in order to attract best fit retail investment to target area opportunities. This data provides a snapshot of the geographic area’s customer profiles, demographics, and socioeconomic and product preferences. Retailer site selection representatives utilize this data to identify sites with the most customer potential for new store locations.
The supporting documentation below, Tapestry Segmentation and Retail Market Potential Data, depicts the market profile based on drive time radii of 5, 10, and 20 minutes from the center of Lake in the Hill’s commercial corridor along Randall Road.
Target Area #1
Target Area #1 covers the Rt. 31 Corridor and offers 3,000 feet of commercial frontage, recent and future roadway improvements, and targeted incentives through the Village. Targeted users are auto dealerships, gas stations, big box users, and mixed-use commercial. The corridor is also targeted for tax incentive rebates by the Village to promote such investment. Market Study Analysis utilizing Dunn & Bradstreet data and 2010 Census figures for the area indicates a strong demand with $365 million in unmet sales potential for auto dealerships. To promote the development potential for this area, the Village in coordination with the property owner, has developed a concept plan prospectus for a 24-acre parcel on the west side of Rt. 31. This and other investment opportunity sites along this corridor can be found in the Target Area 1 (Auto Dealership Corridor) Information Packet.
Target Area #2
There are many opportunities for development in and around the Lake in the Hills Airport. New roadway improvements along Rakow Road, great site visibility and high daily vehicle counts provide the basis for potential commercial development. Targeted uses include big box retailers, hospitality uses, gas stations, restaurants, and manufacturing/office and industrial uses. The area also benefits from having one main private owner, and incentives are available to complete infrastructure improvements needed for development.
Target Area #3 and #8
The Randall Road corridor is the Village’s main retail hub with a variety of retail users. This corridor has a very high average daily traffic count of over 40,000 vehicles per day and $489 million in unmet retail demand within a 10 minute drive time. Targeted users include strong national retailers including, furniture, destination retail, and restaurants.
The Retail Hub is centered along Randall Road north of Algonquin Road approximately 7.2 miles north of Interstate 90. This is the most trafficked intersection along Randall Road north of Interstate 90. The immediate trade area is home to a large number of national retailers, some of which include Costco, Lowes, Jewel-Osco, The Home Depot, AMC Theatres, Walgreens, Pet Supply Plus, and a mix of unique destination eateries including White Castle, Moretti’s Pub, Steak-&-Shake and Fannie-May Chocolates to name a few.
Recent retail investment opportunities include the former Dominick’s lease space with 72,000sf available (divisible), 5 acres located adjacent to the north and the former Applebee’s Restaurant out-lot. Information on these sites as well as other retail lease and sale opportunities can be found in the Target Area 3 (Randall Rd Retail Hub) Information Packet.
Target Area #4
The south side of Algonquin Road located at the intersection of Pyott and Algonquin Road offers strong potential for redevelopment, and the Village is poised with incentives to encourage development in this area. The Village has developed a concept plan depicting the development potential. The new Rt. 31 Bypass with a full interchange at Algonquin Road is less than a mile to the east. There are strong traffic patterns here with 28,900 ADT. Target uses in this area are convenience retail (pharmacies), fast food establishments, and gas stations. This area is currently unincorporated and could be annexed to the Village.
Target Area #5
Over 186 acres of new commercial development is called for along the Rt. 47 corridor in the Village. A new full interchange at Rt. 47 and I-90, as well as future improvements along Rt. 47 and a new Centegra Hospital nearby make this area prime for future commercial development. Big Box Retail/Grocers and Regional Shopping Centers would find this corridor appealing. The corridor is also targeted for sales tax incentive rebates by the Village.
Target Area #6 & #7
Existing and future commercial opportunities exist along Lakewood Road at the Ackman Road and Algonquin Road intersections. The Lakewood Road Corridor offers neighborhood commercial and office use potential. This corridor features several 1-2 acre pad ready sites for national retailers, neighborhood commercial users and office uses. A new 128 bed Centegra Hospital is planned for Algonquin Road and Haligus Road just to the west of this corridor and will bring additional traffic and medical office opportunities. Algonquin Road is a strategic link to Route 47 (2.3 miles to the west) and Randall Road (2.6 miles to the east), both providing full access to Interstate 90.