Peak Buys 21-Acre Illinois Site for Mixed Uses
- Mar 17, 2008
Peak Development L.L.C. has acquired 21 acres in Bolingbrook, Ill., from Forest City Enterprises. The parcel is at the southwest corner of Janes Avenue and Falcon Ridge Way, at the northwest corner of Forest City’s 1.1 million-square-foot The Promenade Bolingbrook open-air town center, which is anchored by Macy’s and Bass Pro Shops. The site is also located near other new large retail developments, including IKEA, Bed, Bath & Beyond, Meijer and Staples. In addition, according to a prepared statement, Forest City will begin site work this summer for Phase II of The Promenade Bolingbrook, to include two hotels and a 600,000-square-foot power center. In the statement, Peak said they intend to develop the 21-acre site in conjunction with Cobblestone Land Co. and that projected uses include an assisted- and independent-living community, an office park and medical offices. Peak Companies began in 1998 as management company Peak Properties, founded by Kenneth Motew and Michael Zucker. Peak’s recent projects are relatively diverse. Last month, the company completed gut renovations and condo conversions on two 18-unit, three-story residential buildings in Chicago’s Roscoe Village neighborhood. In November, Peak Development broke ground on a 19,000-square-foot regional distribution center in North Aurora, Ill., for Alpha Baking Co. And in September 2007, the company broke ground on Crossroads Corporate Center, a 71,900-square-foot industrial building in Bolingbrook, adjacent to ProLogis’ Internationale Centre West.