Will County business development projected to continue upward trend

Will County likely will see a lot of business development again in 2024, and it won’t just be new warehouses.

To find a few places where unique business is expected in the coming year, look to:

• RockRun Collection in Joliet, where Hollywood Casino broke ground for its new casino in December.

• The Boulevard, a commercial development shared by Plainfield, where Costco opened in 2020, and Joliet, where Olive Garden opened in 2023.

• The I-355 corridor in Lockport and New Lenox, which is attracting a blend of sports complexes, commercial enterprise and housing development.

“Where we’re at in buildings under construction is the busiest we’ve seen since 2013,” said Doug Pryor, Will County Center for Economic Development president and CEO.

Logistics development, which has spurred economic growth in Will County although sometimes to the chagrin of residents wary of the number trucks coming onto local roads and highways, appears to be slowing down in 2024, Pryor said.

“But that can change very quickly,” he added.

NorthPoint Development’s Third Coast Intermodal Hub, which is planned to stretch from Joliet to Elwood, could change the industrial landscape quickly depending on how fast it develops.

The Lion Electric bus and truck factory in Joliet is the biggest example to date of the drive for alternative energy spurring local economic development.

“Where we’re at in buildings under construction is the busiest we’ve seen since 2013.”

—  Doug Pryor, Will County Center for Economic Development president and CEO

Pryor said he expects more projects connected to alternative energy beyond the solar farms that have been popping up in rural Will County. He pointed to the Jackson Generation natural-gas power station in Elwood, a $1 billion project completed in 2022, as an example of alternative energy projects coming to Will County.

Meanwhile, residents in Joliet, Plainfield, Lockport and New Lenox are noticing development along interstate highways.

Developer Cullinan Properties plans to announce more developments in 2024 at its RockRun Collection project at the junction of Interstates 55 and 80. Hollywood Casino broke ground in December for its future Joliet casino at RockRun Collection.

The development is expected to attract hotels, stores and restaurants because of its proximity to the crossroads of two interstates.

Meanwhile, The Boulevard, a development at I-55 and U.S. Route 30 primarily in Plainfield and partially in Joliet, will bring more business, Pryor said.

“They’re getting a lot of interest in that site. They have a lot of land to develop and a lot of people in the pipeline.”

The village of New Lenox in 2024 will build a youth sports complex along Interstate 355, a project expected to attract hotels and other commercial development.

“We’ve all seen challenges since COVID, but 2023 was a good year for business. We’re looking forward to some new businesses coming in and we’re hoping 2024 will be even better.”

—  Annette Parker, Lockport Chamber of Commerce executive director

Small-business expansion, however, could be tempered by state-mandated increases in the minimum wage, which will go up to $14 an hour in January, an increase welcomed by employees but a cost to employers.

“We can’t pass it along to the consumer,” said Jen Howard, a business owner and president of the Joliet Area Chamber and Industry. “We can’t raise our prices at this point.”

Many small businesses already have raised prices because of increased costs in the supply chain that delivers products to the store, Howard said. They are wary of increasing prices again because of the state mandate on minimum wage.

“The good news is that the fear of a recession and a major decline in the economy has not panned out,” Howard said. “So, there’s some optimism there.”

The Chamber will focus on small-business concerns in 2024, including the effects of construction as the city of Joliet starts work on a downtown plaza and a redesigned Chicago Street.

“We’re hoping we can find ways to encourage people to continue to come downtown and support those businesses,” Howard said.

Local businesses in Lockport finally seem to be getting past the difficulties created by the COVID-19 pandemic, and the city is looking forward to several new developments moving forward in 2024.

“We’ve all seen challenges since COVID, but 2023 was a good year for business,” said Lockport Chamber of Commerce Executive Director Annette Parker. “We’re looking forward to some new businesses coming in and we’re hoping 2024 will be even better.”

As existing businesses continued their recovery from a few difficult years, Lockport has started to see new businesses, and more opportunities for growth, arrive in the city.

Lance Thies, Lockport director of community and economic development, said 29 new businesses moved into the city in 2023, including several in the downtown area.

In addition to new businesses, the city has been promoting the development of new residential areas in order to bring in more residents and further grow the community economically.

“Lockport was the seventh-largest homebuilder in Illinois in 2023,” Thies said. “We turned in the seventh-most single-family home building permits, and we also broke ground on the The Springs apartment development, which should begin leasing in 2024 and be completed by 2025.”

Beyond The Springs, Thies said that Lockport is working on approval for a 148-unit townhome development called Oak Valley at 151st Street, east of Farrell Road. The long-delayed Lockport Square Development is awaiting approval for a zoning change that would allow it to develop as a mixed-use commercial and residential area.

Additionally, another three-story, mixed-use residential and commercial building is planned for 923 State St.

Several projects, which have already gotten underway, are expected to begin operating in Lockport this year.

The Gas N Wash station under construction is expected to open in the coming months, according to Thies, as is the 35,000-square-foot Bettenhausen Dodge-Jeep-Ram-Chrysler dealership on 159th Street.

That location was expected to open in 2023 but was delayed until April 2024. Additionally, “The Summit” Ice Hockey Arena, which broke ground in 2023, is expected to host events in 2024, and the ongoing renovation of the old Norton Opera House on State Street is nearing completion.

“The $3.5 million project to renovate the opera house back to its 1892 appearance should be completed this year,” Thies said. “There are no specific tenants identified for it yet, but we’re hoping for a banquet hall and restaurant to come in.”

“We’re very anxious to see who comes in there and how that renovation plays out,” Parker said. “The city of Lockport has been working on getting more new businesses on State Street and we’re looking forward to welcoming them.”