American Ventures is working on an economic incentive agreement with the Elgin Economic Development Corp. to build a 350,000 mixed-use development in the town of 12,000. Elgin Commons would be situated along U.S. Highway 290 at the west entrance to the city. The company hopes to lure a hotel and big-box retail store like a grocery store, entertainment venue, or fitness venue, with the first pad sites delivering early next year.

JLL’s Matthew Underhill and Andrew Cornwell are trying to attract a fitness, grocery or entertainment user as the anchor. They could potentially do multifamily on a portion of the project. The proximity to the Tesla and Samsung factories leads them to believe the area could accommodate the growth.

The Elgin City Council approved the company’s creation of a municipal management district and a planned development district zoning last year. The company is also located in an opportunity zone.