What it Takes: Economic Development in Riverside
The grand opening or ribbon cutting ceremony for a new business in Riverside is always highly anticipated. With large crowds and lines out the door, the Riverside community takes great care to celebrate and promote its new businesses. But what does it actually take to bring economic development to Riverside?
Bringing new business and growth to Riverside isn’t always a straight line, but through planning and incentives, the Village Board and staff are committed to bringing new businesses to the Village. The Village is excited to share our economic development success stories with the community and our Board and staff welcomes further opportunities for this wonderful Village and prospective businesses.
Located at 3300 S Harlem Ave, Sherwin Williams opened in the Spring of 2023 after a successful economic development process. The property was previously a Bank of America branch location and was vacant for 2 years prior to the developer approaching the Village.
July 2021 - Developer approached the Village proposing a standalone Sherwin Williams store. The developer expressed interest in development cost relief in the form of certain waivers of fees or tax rebate opportunities. The developer's proposal also included acquiring the parcel at 3320 S. Harlem Ave., which was previously a gas station. The Village's parcel had a No Further Remediation (NFR) letter on file.
September 2021 - Village Board reaches consensus on the terms for an incentive agreement with the developer.
November 2021 - Execution of redevelopment and economic incentive agreement with developer relative to sales tax sharing and redevelopment of the parcel at 3300 S Harlem Ave as well as acquistion by the developer of the Village's parcel at 3320 S Harlem Ave.
December 2021 - June 2022 - Building plans developed and submitted to the Village for review, permits issued, and Planning and Zoning Commission site plan review and approval.
September 2022 - Demolition of former Bank of America building
November 2022 - Construction progress of new building
February 2023 - Construction progress of new building
March 2023 - Construction progress of new building
May 2023 - Sherwin Williams construction complete and open for business!