**American Ventures Developing Mixed-Use Project in Elgin**
American Ventures is advancing plans for a 350,000-square-foot mixed-use development in Elgin, a town of 12,000 residents. The project, known as Elgin Commons, will be located along U.S. Highway 290 at the city’s western entrance.
The company is working on an economic incentive agreement with the Elgin Economic Development Corporation to support the project. Plans for Elgin Commons include attracting a hotel and a big-box retailer, such as a grocery store, entertainment venue, or fitness center. The first pad sites are expected to be ready for delivery early next year.
JLL’s Matthew Underhill and Andrew Cornwell are leading efforts to secure a fitness, grocery, or entertainment anchor tenant. Additionally, there is potential for a multifamily residential component as part of the development. Given the area’s proximity to Tesla and Samsung factories, the developers see strong potential for growth.
The Elgin City Council approved the creation of a municipal management district and a planned development district zoning for the project last year. Furthermore, the development is located within an opportunity zone, which could provide additional financial incentives.
