A Diverse Economy
Flossmoor is an ideal place to do business. Its central location and convenient access to major expressways, airports and the Chicago Loop all contribute to its retail and commercial success. Business growth over the past decade has been primarily through development of office space, renovations and the addition of dining establishments and retail shops. City planners are careful to monitor the Village’s steady growth in order to maintain its peacefulness and charm. In fact, the October 2005 issue of Chicago magazine ranks Flossmoor as the fourth healthiest town in the Chicagoland area, due to its discretion in industry, having no sources of air pollution, water violations, or toxins released.
Flossmoor offers exciting opportunities for development, from smaller properties ideal for retailing and independent offices, to large sites perfect for major corporations and potential office park developments. All of these locations are easily accessible to neighboring suburbs, the City of Chicago and the metropolitan region through close proximity to Interstates 57, 80 and 294. METRA’s electric line provides a fast, easy commute to downtown Chicago.
In 1991, the Village designated a 90-acre site located in the southwest quadrant of the community as a Tax Increment Financing District (TIF). Flossmoor’s TIF District provides the resources to offer a wide range of flexible financial incentives and packages to encourage new individual development projects, including write-down of land costs, construction of public utilities, property acquisition, vacation of public rights of way, capitalization of interest during construction and lease of municipally-owned property. Rather than lock itself into a specific incentive package, the Village tailors incentive offerings based on a project’s specific characteristics in order to avoid constricting a potential developer’s creative thinking.
The TIF District is located two miles east of the Vollmer Road interchange of I-57 at the intersection of Crawford/Pulaski and Vollmer Road, nearby several existing commercial developments and emerging residential neighborhoods. The Village envisions a development scheme for the area that combines low-density office space with high-quality retail that will serve both the local and regional market. The District can accommodate a variety of potential uses from freestanding retail and offices to larger single-use facilities and planned unit developments.
Utilities are already in place along the perimeter of the TIF District, and land costs within the District are competitive. The Village has undertaken a number of capital projects over the past decade to ensure that the infrastructure is ready to respond to development opportunities and increased demand. In addition, Cook County recently completed a massive improvement
project for Vollmer Road to respond to increased traffic flow; it is now a four-lane roadway from Kedzie Avenue west to the I-57 interchange.
The Governors Highway Triangle—bordered by Governors Highway on the west, Kedzie Avenue on the east and Vollmer Road on the south—contains approximately 764 acres and provides unique opportunities for high quality, small and medium-sized retail and office developments.
One to ten-acre sites on the western frontages of Governors Highway and Kedzie Avenue offer a compatible mix of office and multi-family residential development. This prime area was chosen by the national corporation, Sunrise Assisted Living, as the location for their $6.5 million assisted living facility, the Center for Dental Excellence’s “state-of-the-art” dental health center and the Korean Methodist Church’s 5,000 sq. ft. sanctuary and community center.
Flossmoor’s historic downtown developed around the train station. Anchored by a number of distinctive buildings, including the Civic Center and the restored 1920’s train station, it accommodates a wide variety of retail stores, restaurants, personal service establishments and professional offices. Unlike the case in many other long established communities, Flossmoor’s downtown has successfully evolved to meet changing consumer preferences and 21st century demands. As a result, it continues to offer opportunities for a wide variety of enterprising businesses.
As industry, commerce and residential real estate markets continue to grow, the Village of Flossmoor concentrates on maintaining a high-quality environment for its businesses. Prudent infrastructure planning and development, sound fiscal policies and management of Village assets ensure that Flossmoor remains on a successful path of growth while maintaining the quality of life that makes it so attractive to residents and businesses alike.
