ROCKFORD (WIFR) -- A new shopping center is in the works in Rockford with the potential to put hundreds of people back to work.
The city of Rockford estimates, this new shopping center, The Perryville Promenade, will have the potential to create 580 construction jobs plus 1,100 full and part time positions once it’s up and running.
The plan is to turn an empty field at Perryville Rd. and Rote Rd. into a sprawling retail complex with a major retail anchor plus other surrounding shops. The city estimates the project will cost $114 million and it’s expected to generate $187 million in sales every year. In exchange for infrastructure work around the complex, the developer, First Rockford Group, will receive part of the sales tax revenues from the shops, but only for stores that aren't already in business in the Stateline.
"We don’t want to cannibalize and just move businesses from one side of town to the other so the incentives are designed to bring in new retail offerings into the community which for us supports the idea of adding value to the overall economic pie, not just moving business from one side of town to the other," says Rockford Mayor Larry Morrissey.
No word on just what that major retail anchor will be. If the council approves the project, the hope is to have this center open in 2015.