For months the news has been about the failing real estate market, a slow down in new development and for many communities that is truly the case.  Even in the beautiful City of Zion we've experienced fewer housing starts and projects that simply cannot find funding in such a climate.  While on the surface that may be taken as a set back, but in reality it helps sift out weaker projects and allows the stronger ones to receive more attention.
 
For example, the Arby's project at 20th and Sheridan must be reinvented since the commercial lender could not support the entire development without every space being leased in advance.  The market still supports an Arby's operation on the site, but banks are looking for full occupancy and that simply was not possible in this market.  We are working with Arby's to find an alternate location as well as pursuing other tenants to salvage their preferred location along Sheridan.
 
More postive news can be found as the city moves forward with Trumpet Park. 
The City Council approved the final plat and easement agreement this month allowing the construction of Trumpet Park Drive to begin this week.  The new road, detention and landscaping will enhance the access to the interior parcels and allow other users to pursue their interest in the park that now boasts FedEx.  Additionally at 150,000 square foot office building will be under construction in early May, taking full advantage of the new roadway.  In total, our investment partners at Panattoni Development have already invested nearly $12 million in private funding to make Trumpet Park a leading contender in the highly competitive industrial space sites in Lake County.
 
Market Square in the 2700 block of Sheridan is set to begin construction in late fall pending the relocation of the existing AutoZone vb store to a new site in the 3000 block of Sheridan Road.  The new store must be completed to avoid having the current location out of business.  Once construction begins the estimated opening of the new hotel will be late 2009.  Phase Two will include retail, restaurant, structured parking and residential condominiumns.
 
Across the street in the 2800 block, the old Fire Station is facing demolition.  Their new location just a block to the west at 27th and Caledonia is expected to be complete by July and once the fire and rescue operations are safely relocated demolition will begin on the current building.  In its place will be a new retail and hotel development supporting the needs of the community and business generators.
 
Of course Zion is unique when it comes to new housing starts.  Nationally, the trend is downward with investors very hesitant to take on or even discuss new projects.  However, here we see continued work at Shepherd's Point across from Z-BTHS at 21st and Kenosha.  When completed the development will offer 234 single family, owner occupied townhomes in a beautiful 'smart growth' inspired design.  This method maximizes open, green space including walking paths and exceptional landscaping.
 
The Thunderbird Condominium project was recently approved by the City Council and will begin construction this fall.  Located between 27th and 29th along the west side of Lewis, the project will offer 140 semi-custom properties in a premier wooded setting.  Again, the local market supports starting the project as planned and sales are expected to be steady.
 
Yes, the market is always tempermental, but faith is a powerful motivator in such times.  Zion invites development, growth and diversity and this message has not been lost to our development partners.  We certainly believe 2008 will be a stellar year for seeing current projects move forward and new ones being presented.  Even in slow times, Zion is the place to 'bee'!