GLMV Chamber Leaders: Local Economy Looking Better

A business update provided by local leaders at a recent Green Oaks, Libertyville, Mundelein, Vernon Hills Chamber of Commerce luncheon was largely positive.

Leaders indicated that retail sales and the demand for hotel rooms in Lake County are both on the upswing.

"We're seeing some positive signs that we're continuing to recover from the Great Recession," said Michael Stevens, president of Lake County Partners. The organization is a 501(c)(3) economic development corporation. "But it's also fragile."

Stevens said in Chicagoland, retail sales are up 5 percent. In Lake County, the demand for hotel rooms is up 6.7 percent, and a lot of that is business-related travel, he said.

Though Stevens is concerned about the number of office vacancies in Lake County, which are "a little higher than I'd like to see," he is confident in Lake County's position economically.

Locally, Vernon Hills Village Administrator Mike Allison said the village's finances are slowly improving. Sales tax revenues are up 11 percent from the lowest point but are still 3 percent lower than 2007 figures.

New restaurants are opening at the Vernon Hills Town Center, located at Milwaukee Avenue and Route 45, including the The Beer Market.

"It has no food, just beer," said Allison.

Seven restaurants are expected at Vernon Hills Town Center. Some are already open, including Roti Mediterranean Grill, Tom and Eddie's, 8 Piece Sushi, Philly G's and Giuseppe's. Two additional restaurants that will open soon are Real Urban BBQ and Yogen Fruz/Halsted Street Deli.

The village is also anticipating new apartment developments that will include a total of 1,000 rental units, Allison said. Possible locations include on Route 45, on the Cuneo property and at the Vernon Hills Town Center.

Affordable senior housing is also coming to Vernon Hills by way of Victory Centre, which will hold its grand opening June 28, Allison said. Victory Centre is located at 97 W. Phillip Road.

Allison couldn't reveal exactly what is happening with the shuttered Dominick's store on Route 60, only to confirm that despite rumors, it won't be Trader Joe's. Inland Real Estate, which owns the property, said they are close to signing a lease with a new tenant, Allison said.

An announement about that new tenant could come within the next month.

Lake County Board Chairman David Stolman said that in the next couple of years, the project of the utmost importance is Route 53. . Stolman called the move monumental.

"This is actually historic," said Stolman. "There was resounding consensus, there's no doubt about that. (Route 53) is a bridge to the future."

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