Over the next several months, the Village of Lake Zurich will feature "What's Happening With...?" a series of articles about the history, ownership, development activity and current conditions of various properties in the Village that are often asked about.
The first article under this new feature will explore the site at 455 South Rand Road, most commonly known as "The former Giordano's" property.
The property has been owned for several years by the Windyridge Group, LLC (205 5th Avenue, Suite 60, LaCrosse, Wisconsin, 54601-9202). Over the years, the Village has communicated with the Group's representatives on redevelopment leads and a number of code violations including clothing donation bins, illegally parked vehicles, the deteriorating interior and exterior conditions of the approximately 6,500 square foot building.
In February 2016, the Village Board of Trustees approved an ordinance establishing a Planned Unit Development (PUD) allowing GW Properties to construct a 4-suite retail and commercial building on the site, including up to 4,000 square feet of restaurant space.
Shortly thereafter, GW Properties expressed disappointment that, after numerous meetings and agreements with the owners, they were unable to agree on reasonable terms with the property owners.
After GW Properties ended negotiations with the property owners, a local property owner and developer also attempted to make a similar project come to fruition. Unfortunately, this same dynamic occurred again, and the new interested party withdrew because of the owners' terms.
At the September 2017 ICSC Conference, the Village learned that the property was back on the market and was now represented by Mid-America Real Estate Corporation, who pitched the site for a possible Chipotle restaurant. Mid-America has not responded to the Village's inquiries about the status of the property.
This site is located at the most prime intersection of the Village, with daily traffic counts approaching 60,000 vehicles per day and 400 feet of frontage on two major state highways.
The Village will continue to pursue leads for the site, including promoting it at the annual International Council of Shopping Centers Conference at Navy Pier and the Select Chicago Summit for Direct Foreign Investment.
The Village will continue to work with the owners and developers to improve a highly visible and potentially successful commercial use for this location.
If you are interested in learning more about this redevelopment opportunity, please contact either: