The city of Joliet approved a development agreement for the Rock Run Crossing project which is being developed by Cullinan Properties. According to the project’s website, the approximately 300-acre project will be “home to retail, restaurants, entertainment, hospitality, office, medical, and multi-family residential.” WJOL has also reported that Hollywood Casino may be moving its operations to the Rock Run site. In addition, construction is underway for a new interchange on I-55 that will provide direct access to the site.
The agreement approved by the city will issue almost $103 million in general obligation bonds to fund the vital infrastructure needed to begin development. It also states that 100% of project tax revenues will be allocated to the debt from the General Obligation Bonds. According to the Cullinan Properties website, the project is set for a 2024 opening, while the agreement with the city states that the “Minimum Project” must be completed by December 31st of 2025. The “Minimum Project” benchmarks include 350,000 square feet of non-industrial space with no more than 150,000 square feet being multi-family use.