Riverstone Kankakee - The Precedent

October 21st 2005 - Contact: Mayor Don Green (815) 933-0500

(KANKAKEE, IL) – Kankakee Mayor Donald E. Green, Darrell Pike of Exit 308 Partners, LLC, and Roderick Scott, Regional Manager - Community Affairs for Wal-Mart Stores, Inc. and Jeff Stone, President of Prairie Walk Development gathered at the new Hilton Garden Hotel today to announce the building of a Wal-Mart Supercenter in RiverStone of Kankakee, a Commercial & Retail Development located at Interstate 57 on Kankakee’s southern edge.

“Wal-Mart’s announcement today is great news for us,” said Mayor Donald E. Green. “This is a wonderful opportunity for our City to create new jobs, promote economic growth and earn additional tax revenues. A project of this caliber doesn’t happen overnight and I’d like to commend the efforts of the many folks who have made today possible. This project is good for all of Kankakee County – we believe the new Wal-Mart Supercenter will act as a catalyst for many more future projects.”

The store is planned to include almost 203,000 square feet of retail space and will offer customers nearly 100,000 products, combining full grocery lines and
general merchandise under one roof at Wal-Mart’s signature Every Day Low Prices. The new Supercenter will feature 36 general merchandise departments,
an expanded lawn and garden center, a full line of electronics, a large health and beauty aids department, and a pharmacy. In addition, the grocery area features a bakery, delicatessen, frozen food department, meat department, fresh produce section, and a dairy department. The new Supercenter will also be home to many specialty shops including a vision center, Tire & Lube Expresses, one-hour photo center, hair salon, local bank branch, and a fast food restaurant.

“Wal-Mart recognizes Kankakee County as an important market which is why we’re excited about this new Supercenter in the RiverStone Development,” said Roderick Scott of Wal-Mart. “We anticipate construction will begin in the summer of 2006 and look for the store to be opened in late spring or early summer of 2007. We estimate the store’s workforce will be somewhere between 400 - 450 jobs, and that the store will create new tax revenues of over $700,000 per year for the City of Kankakee.

“The Exit 308 development has been a vision of the City of Kankakee for many years, and the investment that the City made to the infrastructure improvements at Exit 308 was critical in Wal-Mart’s decision,” said Darrell Pike of Exit 308 Partners, LLC. “Other retail options remain under consideration which will further increase the positive economic impact on the Kankakee region. Connie Licon, our marketing and Public relations representative for Riverstone and our other Exit 308 Partners all remain confident that this is but the first of a series of positive announcements for the continued growth and development in the region.”

“Having a big box retailer like Wal-Mart only enhances and strengthens our lifestyle destination project,” said Jeff Stone, President of Prairie Walk Development. “We have been encouraged by the support of everyone in the community. It’s the cooperation and the spirit of this community that makes things like this happen.”

The Wal-Mart announcement is just the latest in a series of high profile developments that have occurred in the roughly 1,000 acres at the interchange of I-57, U.S. 45-52 and River Road. Just last year a 110-room Hilton Garden Hotel and RiverStone Conference Center opened. In addition, Prairie Walk subdivision, a 1,800 residential home development, was announced and has broken; Kankakee Community College recently opened a $9.2 million Workforce Development Center and just announced a $9.4 million Arts and Sciences building; and the Kankakee Valley Park District opened a new $8.2 million water park and an $8.6 million ice rink and fitness center. Gas City is currently under construction and, in addition, a 14,000 square foot retail center is planned at the entrance of the development.

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