### American Ventures Plans 350,000-Square-Foot Mixed-Use Development in Elgin
American Ventures is advancing an economic incentive agreement with the Elgin Economic Development Corp. for a 350,000-square-foot mixed-use development in the town of approximately 12,000 residents. The proposed project, 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 tenant, such as a grocery store, entertainment venue, or fitness center. Initial pad sites are expected to be available early next year.
JLL’s Matthew Underhill and Andrew Cornwell are leading the effort to secure a fitness, grocery, or entertainment anchor for the development. There is also potential for a multifamily component within the project. Given Elgin’s proximity to Tesla and Samsung factories, the development team believes the area is well-positioned for growth.
In support of the project, the Elgin City Council approved the establishment of a municipal management district and a planned development district zoning last year. Additionally, the project site is located within an opportunity zone, which could provide further incentives for investment.
