Bluestone Completes Phase One of 23+ Acre Redevelopment in Hanover Park IL

March 2021 Hanover Park, IL | In March of 2021 Bluestone acquired 7.8 acres in the Village of Hanover Park. The property sits at the gateway to Hanover Park at the northwest corner of Lake Street and Gary Avenue.

After several unsuccessful attempts to develop its 23+ acre parcel for a large industrial project, LaSalle Investment Management, a global real estate investment firm, engaged Bluestone as the master developer to obtain the land use entitlements for the development of the property.  Bluestone proposed a planned unit development dividing the property into three parcels that featured a commercial fueling center, retail outlot and 215,000 square foot industrial building split by a new public roadway. Bluestone successfully navigated the process of securing a complex series of entitlements including a rezoning, special use permit and planned unit development with several variances. The project also required a robust series of 3rd party approvals, including legal approval from the adjacent industrial subdivision and access approvals from the DuPage County Department of Transportation and the Illinois Department of Transportation.

The industrial lot was acquired by Panattoni, a national industrial development firm that will commence construction in the Spring of 2021. Bluestone has signed a 20-year NNN land lease with Thorntons for the fuel center on Lot 2 and is planning to develop a multi-tenant strip center on Lot 3. At its completion, the project will transform the former vacant lot into a significant tax generating asset for the Village.