Sale of Country Club Property Expected to Stimulate Local Economy

At a time where the real estate industry is not at its best, a local real estate investment and development company claims it will bring the largest new retail project to Evergreen Park since the start of the recession.

Chicago-based Sterling Bay Cos. announced Thursday its plans to develop on the former property of the Evergreen Park Golf and Country Club between 91st and 94th streets on Western Avenue, in a project the company says is sure to stimulate the local economy.

The project boasts extreme job growth in the village. Sterling Bay said in a press release Thursday that the development is "expected to create several hundred jobs during construction and at least 500 retail jobs once the development is open."  The company claims it will add more than $1.5 million in annual sales tax revenues for the village and upward $2.5 million in annual real estate taxes.

Although the company is in the preliminary stages of planning, it set some plans for dividing up the 95-acre land.

"We expect to develop the eastern half, just about 47 acres of the golf course," Sterling Bay Principal Scott Goodman said. "We're relatively unsure what we're doing on the west half, other than knowing that a portion of it will remain green space for community use."

The company is now identifying stores that will go in the retail space.

Unlike many others, including the village itself, that have tried to purchase the unique property, Sterling Bay was able to make the deal in a volatile market.

"The advantage of buying in this market is strictly that it was available. There are many other people chasing this type of product right now, so we were, we think, lucky enough to be able to purchase a very unique feature property that doesn't come along very often," Goodman said. "My guess is in a more robust economy, it would have been much more difficult for us to be able to acquire it."

Sterling Bay purchased the property last month for $7.5 million from Anna May Ahern, who died Sunday. Her family had owned and operated the golf course since the 1920s.

The company said it's currently working with the village to produce the best product for the community. Village Treasurer John Sawyers said although he's not involved in the development side of the project, "I'm happy to hear that that's a potential area of development."

Mayor James Sexton did not immediately return calls for comment on the deal.