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VOLO, IL-A partnership between Orput Cos. Inc., headquartered in Rockford, IL; Oakbrook Terrace, IL-based Mid-America Asset Management In. and Irving, TX-based Archon Group LP has acquired 90 acres here at the southeast corner of State Route 120 and N. US Highway 12. The partnership plans to develop a 725,000-sf regional open air center to be called Volo Village Marketplace, which is expected to cost more than $100 million, according to a released statement from the partnership. Representatives from the partnership were not available for comment.

“Volo is experiencing and explosion of new residential development that is projected to double the population in four years, but there are no retail centers yet to serve the increasing demand,” said Greg Orput, director of development for his company, said in a statement.

The project, which will have approximately 475,000 of inline and out-lot spaces in addition to major anchors. The first phase of the development will have more than 400,000 sf. Construction will begin next spring with completion of the first phase expected in 2009. A “major discount department store” is currently in lease negotiations with the partnership to anchor the first phase of the development, with a home improvement store in negotiations to anchor the second phase, according to the released statement. Richard Spinnell, Barb Kading and Jaime Platt, with Mid America, are handling the leasing of the center. The project is expected to create approximately 750 jobs, according to the released statement.

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