Much-needed economic package will generate short- and long-term benefits
Compass Business Park is a $1.5 billion private stimulus investment in Joliet and Will County, poised to generate up to 1,600 annual construction jobs and 2,300 indirect construction-related jobs, and 10,000 full-time permanent positions and 17,000 indirect jobs.
The warehouse, distribution and light manufacturing development is designed to meet the growing freight and transportation needs of North America’s largest inland port located approximately 55 miles southwest of downtown Chicago. It will play a vital role in accommodating reliance upon and growth of the new economy and serve as an essential supply-chain hub that is critical to the efficient delivery of goods to some 85 million consumers in the Midwest.
With global pandemic creating uncertainty for all residents of Joliet and Will County and forcing many into partial or full unemployment, Compass Business Park offers economic opportunity for workers and new stable revenue for local governments, schools and taxing bodies facing shrinking budgets and growing demands for critical services and supports for the community.
The retail world was already transforming and will evolve even faster in a post-pandemic world. In fact, an unprecedented number of new distribution projects are underway today. Compass Business Park enables Joliet and Will County to tap into this growing economic engine to secure jobs and vital revenue for the future.
Compass Business Park is a responsible, master-planned approach, which incorporates a responsive design – based on community feedback – that includes a closed-loop network that contains trucks and keeps them off local roads.
As part of Phase 1, Compass Business Park is seeking to partner with the City of Joliet to annex 1,262 acres of property in unincorporated Will County, south of I-80 and east of Route 53. The property is currently undeveloped farmland whose owners have sold the land for the proposed development.
Compass Business Park’s developer – NorthPoint Development –is not requesting fee waivers or any TIFs from the City of Joliet.