Illinois Business Journal - Highway 50 stretch earning name as 'golden road'

When O'Fallon and Shiloh business leaders are asked what's happening at the interchange of Interstate 64 East and the new Greenmount Road, the answer is easy. A lot.

Dierbergs Markets' decision to open its first Illinois store has proven to be only the beginning, likely the commercial catalyst to a host of other retail and residential projects that are already well past the planning stage.

Dorcas and Corky Cecil, president and commercial division head, respectively, of Cecil Management Group, have a bird's-eye view of it all, looking out from their office near this interchange.

"The new interchange at I-64 and Greenmount Road is the center of activity in St. Clair County," Corky Cecil said. "With Dierbergs, a super Target and other retail projects in full swing, plus Balke Brown Associates' and Taylor-Morley Homes' Greenmount Crossing residential development, we are continually seeing more top-notch activity along this stretch of Highway 50. It is truly embodying what many for years referred to as 'the golden road.'"

Drawing a two-mile radius around this intersection, Dorcas Cecil said, identifies the hub of commercial and residential activity taking root. Infrastructure is also continually emerging, with Central Park Plaza Drive - an east-west artery fronting I-64 East - as a prime example.

"There is still plenty of ground in this location for large box retailers," Corky Cecil said. "A Drury Inn is already there, with a Holiday Inn Express under construction. What's incredible is that they've already had to widen Greenmount Road to accommodate all the growth."

A proposal is on the books for an assisted living facility, he said. A 16,000-square-foot office building, also very near the I-64 and Greenmount Road interchange, is under construction. Three car dealerships are also under construction, in addition to the giant dealerships already present at the interchange.

The Cecils, whose firm manages more than 1,700 properties - both residential and commercial - across the Metro East and in St. Louis, said the encouraging economic signal from office development along the I-64 East corridor is that the buildings are built to suit, not speculative space.

"The office buildings we see going up are being built to suit - for occupancy of already-committed tenants - versus spec buildings, which is really great," Dorcas Cecil said. "And most of these office buildings are single-tenant. That's an even more promising sign."

O'Fallon and Shiloh's ability to attract new business will continue to strengthen, she said, as the quality-of-life potential increases with every new retail and residential development along I-64 East.

"Even as you proceed further east of O'Fallon, to exit 18 at I-64, the availability of close to 1,000 acres of ground presents an excellent opportunity for a transportation-related hub," Corky Cecil said. "I see O'Fallon's next opportunity to be the development of a technology park, similar to the one in O'Fallon, Mo."

O'Fallon, Ill., has six miles of I-64 frontage accessible by three interchanges, and it is currently only 20 percent to 30 percent developed.

Cecil Management Group's commercial niche is as a front-end player, working closely with cities in brokering properties and available land.

The Cecils credit Fairview Heights, O'Fallon, Shiloh and Swansea for having proactive government leaders and planners who work well with developers and brokers. As the stock market continues having more downs than ups, companies like the Cecils' are finding themselves with more investors than investment opportunities.

"Investor sales in apartment buildings and condos have really picked up," Dorcas Cecil said. "We have more investors than we can place in projects, and prices have gone up the past 12 to 18 months with the demand. That's been great to see, because the real property investment market in Southern Illinois had been sluggish for a long time."

Both Cecils predict continued success in Southern Illinois' commercial activity during 2003 and beyond.

"Tremendous pressure for more warehousing space is what we'll continue to see," Corky Cecil said. "Speaking on behalf of the East Side, we're it when it comes to available, affordable ground. We're the obvious choice."