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.

  1. Sherwin Williams
  2. Star Buds

Sherwin Williams

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 Village acquisition of the parcel at 3320 S. Harlem Ave., which was previously a gas station and additional parking lot for Bank of America. The Village had a No Further Remediation (NFR) letter on file for the property at 3320 S. Harlem.

Sherwin Williams site before demo

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 acquisition by the Village of the developer'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.

Sherwin Williams site after demo

November 2022 - Construction progress of new building.

Sherwin Williams progress November 2022

February 2023 - Construction progress of new building.

IMG_0227

March 2023 Construction progress of new building.

IMG_0256

May 2023 - Sherwin Williams construction complete and open for business!

IMG_0425