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Business & Tech

Economic Development a High Priority for Crystal Lake

While some businesses move out of the city, new ones take advantage of city incentives.

Although there have been several big box store closings in Crystal Lake, more than 50 new businesses have made the city their new home in 2010 and 2011, according to Economic Development Assistant Director, James Richter. 

Some big names have left Crystal Lake due to corporate restructuring or bankruptcy including Circuit City, Linens N’ Things and Office Depot, while others such as Starbucks Coffee are thriving. Richter has every confidence the city’s amenities and incentives will continue to attract future retailers and services to the city. 

Richter points to the successful transition at the Bohl Farm Marketplace in 2010 after buybuy Baby leased the former Linens N’ Things storefront. In addition the 30,000-square-foot space vacated by Office Depot will soon have a new retailer and another is finalizing agreements with Borders' current building space. The former Hooters restaurant building will be redeveloped and opened later this year by a national restaurant. 

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Meanwhile, construction is underway at the former Pier One Imports building for the new Five Below discount clothing and accessory store expected to open this year and Pep Boys and Advance Auto Parts will occupy the former La-Z-Boy and Blockbuster buildings. 

Aaron’s Sales and Leasing, Crystal Lake Chevrolet and a second Walgreens are among a host of other establishments that came to the city in 2010. 

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In 2009 alone, 30 new businesses made Crystal Lake their home enticed by the city’s matching grants program offered when a business occupies vacant retail space and renovates the property. Taking advantage of the grant opportunity, James Charhouse occupied the former Bennigan’s Grill and Tavern on Route 14 in 2009. Batteries Plus, Edible Arrangements, Sweet Pea Cakes, Regency Beauty Institute have also benefited from the program. 

“There is an incredible amount of business development activity going on in Crystal Lake,” Richter said. “Economic development is one of the city’s highest priorities.” 

Investments are being made with assistance from the city in established businesses as well, including M’Lady Nissan, which is currently renovating for its expansion project as is Colonial Café and Ice Cream currently beginning construction to renovate the former Baker’s Square building. 

“There are two new retailers vying for the space that Colonial previously occupied in front of K-Mart,” Richter said. 

In order to stimulate the redevelopment along Routes 14, 31 and 176, the city is offering a 50 percent reduction in fees for reviews, permits and inspections for commercial investments of at least $250,000. 

The completion of the Three Oaks Recreation Area in Oct. 2010, is an attraction for commerce as well, Richter said. There has been heightened interest by restaurants, entertainment concerns and other retailers and services interested in locating near the site. 

The Crystal Lake Chamber of Commerce, which focuses on providing resources for new businesses has also seen interest from outside concerns. 

“People do stop in and grab literature and information about certain resources,” said COC President Gary Reece. 

Diana Kenney, executive director of Downtown Crystal Lake, said the downtown area has fewer vacancies than many area downtown districts. The historic setting attracts a different kind of retailer and service than the city’s business district in that many concerns are individually owned and usually very specific in their market. Material Girl, Inc. fabric store, Yours and Meyn Interior Design, Sweet Peas Cakes are recent additions to the downtown area. 

“It’s a new, fresh downtown,” she said. “There are stores and businesses there that can cater to all age levels.” 

Kenney attributes the success of the area to the Main Street Program which hosts events throughout the year to attract potential shoppers. Effort is put into the décor of the streets from plantings and flowers to banners and seasonal events that continue to draw crowds. 

Businesses there are provided with suggestions from Downtown Crystal Lake on how to take advantage of these events with a list of suggestions of how they might get people to come into their stores during the events and to come back afterwards. 

“There is a lot of personalized service there and people appreciate that,” she said. “People are looking for something unique and special and they find that there.”

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