ICSC RECon 2014 is in full swing as the largest retail real estate convention in the world. Every year, retail owners, investors, developers, lenders and other commercial real estate professionals converge on Las Vegas, NV to network, discover, promote their projects, look for development opportunities and make new deals. This year is no exception. There are an estimated 33,000 real estate professionals in attendance for this action-packed three day convention at the Las Vegas Convention Center.

Once again this year, members of the International Council of Shopping Centers are recognizing and acknowledging the need for public-private partnerships with local communities to promote economic development. The extremely difficult economic conditions over the past several years have taken a toll on communities and developers alike. Now, more than ever, they need each other to facilitate mutually beneficial development.

To help local governments establish and promote much needed permanent, beneficial economic changes for their communities, ICSC in cooperation with other development groups and agencies continues to

work cooperatively with local communities. To this end, in 2011, ICSC published a handbook entitled Retail 1-2-3 to introduce the basic questions a community must ask itself prior to establishing a plan to attract new commercial businesses. While there is much to consider, key factors include communities knowing what they need, setting priorities, and taking realistic and intentional efforts to accomplish their development objectives.

SPOTLIGHT:  MONEE, ILLINOIS – “WE NEED A GROCERY STORE”

I had the pleasure this year of meeting with Mayor Jay Farquhar, of Monee, Illinois, on the ICSC Leasing Floor, in the Cities of the World exhibition area. Mayor Farquhar and Monee Village Clerk, Wayne Haser, are aggressively promoting the Village of Monee and its economic development needs.

Monee, Illinois, a southern suburb of Chicago, is in Will County, Illinois, the fastest growing county in Illinois and one of the fastest growing counties in the United States. There are currently 670,000 consumers, and 240,000 homes within a 15 mile radius. Median household income exceeds $67,000. Median age is 37.5 years. The Village is near the planned South Suburban Airport and is served by Interstate 57 and U.S. Highway 50 as major thoroughfares. Over 48,000 vehicles pass through Monee every day.

Yet . . . , Monee has no grocery store within its municipal boundaries. The nearest major grocer is approximately 18 miles away. This is an inconvenience for community residents, and is a major opportunity for a grocery store developer/operator.

Attracting a grocery store to Monee, Illinois is a primary economic development objective of the Village. So much so that the Village of Monee has acquired and set aside a five (5) acre corner lot, specifically reserved for grocery store development. Economic development incentives are available to make this an ideal location for a win-win public private partnership for the community and a willing grocery store developer.

Grocery store development is not the only economic development Monee is seeking to attract. Monee has identified a large tract of land available for new retail development, and has compiled information on existing inventories of retail space available for retail users seeking to locate or expand in Monee. For the right kinds of development, Monee has expressed a willingness to come to the bargaining table to facilitate mutually beneficial development opportunities.

It was a pleasure speaking with Mayor Farquhar because of his genuine interest in attracting new development to Monee. He seemed sensitive to the economic realities faced by developers and expressed a willingness for the Village of Monee to join as an economic development facilitator in a well-structured public-private partnership to get it done.

As readers of this blog are aware, I have occasionally been critical of municipalities for the Jekyll and Hyde approach sometimes taken with respect to economic development. You may recall my post Cities Shooting Economic Development in the Foot. I cannot guaranty that this won’t be the case in Monee, Illinois, but all indications are that Monee is a development friendly environment with a Mayor that “gets it”. After all, Monee, Illinois did send its Mayor and Village Clerk on a mission to ICSC RECon 2014 to snare a grocery store and promote community economic development. Check out www.VillageofMonee.org/RETAIL.

If you are a grocery store developer, it may make sense to consider this opportunity in Monee, Illinois.

Thanks for listening. If I can help, let me know.

Kymn