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.
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.
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.
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!
Currently located at 2704 S Harlem Avenue, Star Buds opened its doors in September 2023. Most recently a COVID testing site, the developer approached the Village in early 2023 about locating a cannabis dispensary in Riverside. Pictured below is the COVID Testing site from late 2021.
December 2022 - Star Buds began looking at various locations within Riverside, identifying 2704 S Harlem Avenue and the Village-owned properties at 363-369 E Burlington Street and 3320 S Harlem Avenue. Star Buds recognized the location potential of both locations, but the location at 2704 S. Harlem could be renovated in less time than a redevelopment of the two Village-owned parcels.
December 2022 - As Star Buds progressed in discussions with the Village, they recognized that they would need more parking and space for their dispensary in the future. At that time, they approached the Village to acquire the Village-owned properties.
May 2023 - Star Buds began the interior demolition, buildout and permitting process for the space at 2704 S Harlem Avenue.
September 14, 2023 - Star Buds obtained its Social Equity Adult Use Cannabis Dispensary License from the State of Illinois' Department of Financial and Professional Regulation (IDFPR).
September 21, 2023 - on September 21, 2023, Star Buds opened its doors to the public at 2704 S Harlem Avenue. At the Village Board meeting that evening, the Trustees approved a property purchase and sales contract with Star Buds to acquire the Village-owned properties at 363-369 E Burlington Street and 3320 S Harlem Avenue. The Trustees also approved an economic incentive agreement with Star Buds in an amount not to exceed $1,865,084 in tax sharing over the next 10 years.