Union Pointe Business Park Lot 5 is a 17-acre site located in Bolingbrook, Illinois at the intersection of Interstate 55 and Interstate 355 that Ketone Partners successfully assembled, entitled, permitted and sold to a user for the construction of a 150,000 square foot office and industrial facility.
In August of 2016, Ketone Partners identified an underutilized 17-acre site adjacent to the existing Union Pointe Business Park in Bolingbrook, Illinois. The property was not a part of the original Union Pointe development because of ownership holdout and therefore the developer left a five-foot strip of land along the perimeter of the property known as a “spite strip.” This required any future developer of the parcel to acquire the spite strip in order to connect to municipal utilities such as sewer and water. Ketone was able to get both the property and the spite strip under contract in order to
begin the entitlement and permitting process.
The entitlement and permitting of the property was challenging. The property was located in both Will and DuPage counties. The site was annexed to the Village of Bolingbrook, however Bolingbrook’s water service terminated on the other side of the interstate and did not extend to the site. The most feasible source of municipal water service was from the
neighboring Village of Woodridge. Sanitary sewer service was to be provided through the DuPage County Department of Public Works. The property also needed to join the park owners’ association.
Navigating through the permitting and entitlement process with so many different entities proved difficult but Ketone’s diligence paid off when it sold the property in December of 2017 to a user planning to construct a 150,000 square foot office and industrial facility. Ketone was retained by the purchaser to perform Real Estate Development Advisory Services throughout the construction of the facility.