Development positions the City to build on the momentum of the American Royal relocation
At the October 24, 2016 Edwardsville City Council meeting, the group took the final steps to move forward with a $62.5 million commercial development located at the City’s north end. The Village South at Edwardsville project, as it is currently known, will be the largest commercial development in the City and the City Council is optimistic that the project will spark interest in other parts of the City’s north end. The project will be located in the southeast corner of I-70 and 110th St.
The project as presented includes a 17-acre mixed use development consisting of two hotels (a full service Holiday Inn and La Quinta de Sol) with approximately 185 rooms; a 22,000 square foot conference center/meeting space; a 150-180 seat restaurant; a 25,000 square foot power sports retailer; and pad sites for a future restaurant and convenience store. The owners of the project are the Compass Commodity Group III represented by Korb Maxwell from the Polsinelli law firm. LANE4 Property Group, represented by Hunter Harris, serves as the project developer.
The City Council took a number of steps related to the project at the October 24 meeting. The group approved the Development Agreement that outlined the obligations of the parties related to expenses eligible for reimbursements, signage, and construction milestones. The City is supporting this development through a $10 million Tax Increment Finance (TIF) district as well as a 1% Community Improvement District (CID) sales tax.
Based on comments during the City Council meeting, the development team hopes to break ground before the end of 2016. The final name for the development is still being discussed between all parties. LANE4’S Hunter Harris stated, “We are excited about bringing this development to Edwardsville and the role it will play after relocation of the American Royal to Wyandotte County.”