Feature Article, May 2006

Cornering The Market
Bronk’s Corners will give the residents of Joliet, Illinois, a place to shop, workand dine as well as call their own.
Nina Glickman

Bronk’s Corners will be a 227,000-square-foot mixed-use center in Joliet, Illinois, with plenty of retail and 40,000 square feet of office space.

It’s a “farmer’s daughter” story with a real estate twist. When Barry Bronk was ready to sell 38 acres of farmland along Route 59 and Theodore Road in Joliet, Illinois, his daughter Jen turned to Steve Caton of Caton Commercial for help. The Plainfield, Illinois-based brokerage firm brought the property to the attention of Ardmin Properties Real Estate Investment Group, Inc., based in Woodridge, Illinois. Several other developers competitively sought for the opportunity to develop the former Bronk’s Family Farmland. In the end, the Bronks trusted their instincts and chose Ardmin Properties.

Ardmin Properties and Caton Commercial formed the joint venture specifically for the development of Bronk’s Corners, the first mixed-use open-air center in the Joliet area. Ardmin Properties acquired the site in September 2005 and together with general contractor Ledcor Construction and architect Areté 3 Design Group, began development.

Bronk’s Corners is located in Will County, which has a population of 642,813 and is the 14th numeric gainer county in the country.

“Past investments have positioned western Joliet, Plainfield and Shorewood to capitalize on the population influx of Will County,” says Joe Ardovitch, president of Ardmin Properties. “Will County continues to lead Illinois in population growth and this development is at the heart of that growth. By 2010, Will County will be the third largest county in Illinois behind Cook and DuPage.”

The significance of Bronk’s Corners is due to the already-present residential base. “In a 3-mile radius there are already 20,488 homes and that number is expected to increase more than 25 percent by 2010,” says Shawn Adams, vice president of marketing and development with Ardmin Properties. “It’s not a ‘build it and they will come’ scenario. They’re already here. The average annual household income is more than $90,000, and these residents are looking for the convenience of shopping in their neighborhood.”

Currently, Route 59 is a well developed corridor, with big box retailers such as Wal-Mart, Target and Kohl’s. As one of the last large parcels of land in the area, Bronk’s Corners promises to be something different.

“Barry Bronk didn’t want to sell his property to just anyone — he wanted something that he could be proud of,” Ardovitch says. The city of Joliet embraces this sentiment.

With potential consumers hailing from neighboring Shorewood and Plainfield, Bronk’s Corners is fulfilling a much-needed amenity. In the past, residents of Joliet had to drive 15 to 20 miles to find upscale shopping and dining destinations.Bronk’s Corners will comprise approximately 75,000 square feet of small specialty retail, about 112,000 square feet of medium box retail and 48,000 square feet of office space.

Six buildings will occupy the western side of the development site and two buildings will be situated on the northern end. Plans also call for a bank to be constructed on a 1.14-acre outlot facing Route 59, as well as what Ardovitch refers to as a retail pod, or a building that has 360-degree exposure for tenants. Three restaurants will flank a corner water feature, and plenty of pedestrian walkways will be included.

The design of the center will incorporate limestone and brick and allow the buildings to blend together. Courtyards and clean site lines will add to the communal feel the developers plan to elicit. Outdoor seating, patios and additional water fountains will make Bronk’s Corners a place where, according to Adams, people will want to frequent.

With the water feature on the southeastern corner of the property, Bronk’s Corners is already differentiating itself from other mixed-use developments. While other developers might choose to place a drugstore or a bank on a featured corner lot, Ardmin Properties made the decision to place the water feature there. “The corner water feature gives us space to build around for the restaurants,” Adams says.

It also contributes to the campus-like feel that the developers envision. Combined with specialty retail and plenty of pedestrian areas, the idea of a neighborhood gathering point is coming together. The two-story building on the north side of the development site will also include a water feature. “If I’m in a second-story office, I don’t want to look out at a parking lot; I’d enjoy more a delightfully landscaped pond,” Adams adds.

While no tenants can be officially announced at this time, Adams did indicate there are several signed letters of intent. These include a national health club, a financial institution and an upscale micro brewery.

Ardovitch notes that since people are living longer, they are looking for places that will help them enhance their quality of life, such as bookstores, day salons and medical facilities. “We see the top floor [of the two-story retail center] as a great concept for a medical center or an offshoot of a hospital, so it’s very convenient for people to go see a doctor,” he adds.

Another interesting technique being employed is locating parking lots in the rear, instead of having a typical large parking field in front of the buildings. “It generates more of a courtyard feel — you can park on both sides of the building,” Adams explains. “It allows patrons to be much closer to the actual store they want to get to.”

Additionally, the decision to move the buildings closer to the street and have the parking more spread out contributes to the overall airy, open feel of the center. Both office users and consumers will benefit from the unique parking arrangement, and Ardovitch sees no reason why people would avoid parking in the rear. “It’s very easy to park behind the buildings and walk directly in or through the courtyard to your destination,” he says.

Part of any premier development experience involves feedback from the community. Ardmin Properties has made sure to keep the community involved in the development process by launching the Bronk’s Corners Web site (www.bronkscorners.com) and by hosting a public community meeting, in which the project was discussed at length.

“We didn’t want to come in and do something without letting the community understand what we were doing,” Adams says. “It was the neighborly thing to do.” A well-attended meeting, held in October 2005, also allowed the community to respond to the proposed development. For the most part, according to Adams, people were thrilled. There were several suggestions that Ardmin Properties found to be constructive and helpful. “They’re our first customers, they’re potentially the people who will be working at Bronk’s Corners,” Adams says. “It was critical to create an open dialogue with the community,” which is further enhanced by the accessibility of the Web site, which features a section that allows people to request specific features, such as an ATM, water fountains and bus stops.

“We’re trying to create amenities so people feel comfortable being at the center,” Ardovitch says. “You want to make sure you’re giving them what they want.” The Web site also lets people track the progress of the development by letting them know which new tenants have signed on. Up-to-date renderings also are available to download.

Both Ardovitch and Adams note the importance of a more upscale destination where customers can do more than just shop. “What retailers need to provide now is not only shopping, but places where people can meet, interact and socialize,” Ardovitch explains. “The concept is that you come to Bronk’s Corners and you spend part of your day there,” he adds. “We’re helping to create that experience.”




©2006 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.

Search
Capital Markets Update
Recent Retail Leases
Resource Guides
Job Bank
Writers Guidelines
Today's Real Estate News