Cornerstone is a 640-acre mixed-use environment in Grayslake, IL, that brings together offices, light industrial, R&D, luxury residences, shopping, and marquee restaurants in the heart of Lake County.
- Cornerstone encompasses 641 acres with 120 acres of open space
- 70% non-residential land uses; 30% residential uses
- 3.6 million SF of office/industrial/R&D
- 600,000 SF retail/restaurant/entertainment
- 801 residential units generating fewer than 300 new students
- 12-year phasing for ultimate build-out
- Cornerstone will generate $2.3 billion in annual economic activity, including:
- 10,000 direct jobs; more than 6,800 additional indirect jobs
- More than $1 billion in total ongoing labor income
- A 45% increase in Lake County's 2005 average annual salary
- A 5% increase in Lake County's employment base
- A 6% increase in Lake County’s wage & salary payroll
- $79 million in tax revenue will be designated for area schools at build-out, including:
- $44.2 million to Fremont Elementary
- $27.6 million to Mundelein High School
- $7.1 million to Grayslake High School
- More than $11 million annually will be generated for the school districts thereafter
- $4.4 million in annual revenues for the Village of Grayslake