Grant Place Retail Center is a Major Hub in North Chicago, IL

In 2003, Chicago Community Loan Fund provided a $409,000 predevelopment loan to Five Points Economic Development Corporation, a quasi-independent city agency coordinating the development of Grant Place Retail Center in North Chicago, IL. In 2005, the project broke ground on vacant land to create 19,000 sq. ft. of commercial/retail development located on a 2.5 acre-site at the intersection of Grant Place and 1800 Sheridan Road.

On September 29, 2005, the city of North Chicago, Illinois, broke ground on Grant Place Retail Center located at 1801-1825 Sheridan Road promising access to retail goods and services for local residents.

This project was initiated as a part of North Chicago’s downtown redevelopment efforts and played a significant role in the city’s plans for future housing, retail and infrastructure development efforts.

Associated Bank supported the construction along with NMTCs and tax increment financing. Additionally, the city of North Chicago assisted with infrastructure improvements, streetscape work and installation of a new storm sewer system. CCLF supported this project because building a strong economic base begins with supporting commercial retail that lead to new infrastructure and redevelopment of the surrounding area which ultimately generate jobs and increased revenue for the city of North Chicago.

CCLF provided a $409,000 predevelopment loan to Five Points Economic Development Corporation for Grant Place Retail Center located five minutes from the Great Lakes naval station in North Chicago.

The location was ideal for retail because it was a five-minute drive from the Naval Station Great Lakes, the Navy’s only boot camp in the United States, as well as the only naval training station in the United States. The base functions as a small city with thousands of employees, plus many more visitors traveling through the area annually.

Today, Grant Place Retail Center is a thriving hub of activity that was one of few locations that continued with strong foot traffic during the first two years the pandemic. Victor Barrera, Economic and Community Development Director for the city of North Chicago, stated currently 80% of the retail space in the facility is occupied or 6 out of 7 retail spaces. Some of the tenants include the Steans Family Foundation, Athletico and others. Barrera reported significant interest in the commercial corridor, and the location is prime for specialty retail.

The Department of Economic & Community Development provides guidance, education, oversight, and technical assistance to the citizens and business owners of North Chicago and works to ensure the city of North Chicago is a healthy, safe, attractive, and enjoyable place to live, work and visit. Barrera noted that CCLF’s initial investment, almost twenty years ago, continues to work towards the future prosperity and enrichment of the North Chicago community and its residents.

Grant Place Retail Center continues to provide access to needed goods and services for local residents while attracting additional beauty and barber shops and other businesses to the commercial corridor located on the corner of Grant Place and Sheridan Road in North Chicago.