**American Ventures Plans 350,000-Square-Foot Mixed-Use Development in Elgin**
American Ventures is working on an economic incentive agreement with the Elgin Economic Development Corp. to develop a 350,000-square-foot mixed-use project in the town of 12,000 residents. The development, known as Elgin Commons, will be located along U.S. Highway 290 at the western entrance to the city.
The company aims to attract a hotel and a big-box retail store, such as a grocery store, entertainment venue, or fitness center. The first pad sites are expected to be available early next year.
JLL’s Matthew Underhill and Andrew Cornwell are leading efforts to secure an anchor tenant, targeting fitness, grocery, or entertainment businesses. They are also considering a multifamily residential component as part of the project. Given the site’s proximity to the Tesla and Samsung factories, they anticipate strong interest from prospective tenants due to the area’s expected growth.
The Elgin City Council approved the establishment of a municipal management district and a planned development district zoning for the project last year. Additionally, the site is located within an opportunity zone, which could provide further financial incentives for development.
