JOLIET, IL-Arthur G. Cohen, based in New York City, has invested in a $50 million retail turnaround project here. The company has joined with Ardmin Properties in resurrecting Tower Marketplace, now known as Joliet Crossings, a mixed-use development.

Ardmin, based in Woodridge, IL, had planned to build 350,000 square feet of retail and 40,000 square feet of medical office here on farmland at the northwest corner of Route 59 and Theodore Street, on the city’s north border with Plainfield, IL. The first tenant, LA Fitness, moved into 45,000 square feet, but the economic downturn put the property into receivership, says James Schutter with Newmark Knight Frank. His firm was recently hired to market the property.

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