Golf Mill City Heart Mall in Niles, a decades-old mall that was set to be redeveloped as a part of a brand new public-private partnership, could possibly be put up on the market by the developer, the village confirmed to NBC Chicago.
The information comes lower than a yr after village trustees authorised a $440 million plan to redevelop the getting old mall, with Florida-based mall proprietor, Sterling Group, because the developer. On the time, the village of Niles mentioned it might present $96 million in Tax Increment Financing (TIF) incentives to the developer, who can be reimbursed because the multi-phase mission will get accomplished.
In a press release emailed to NBC Chicago, the Village of Niles mentioned Mayor George D. Alpogianis has been in communication with Sterling Group, and is “conscious and is conscious of their intention to discover a possible sale and entice extra buyers for the Golf Mill Purchasing Heart mission.”
The assertion added that the village was not involved concerning the standing of the redevelopment mission, and that it stays assured in in its “long-term imaginative and prescient for Golf Mill,” and that the plan to maneuver ahead with a public-private partnership is ready to proceed.
“The Village stays dedicated to revitalizing this key business hall and delivering the transformative redevelopment our residents and companies deserve,” the assertion mentioned.
Based on a report from Crain’s, Sterling Group, which bought the mall for $60 million in 2014, employed business actual property firm JLL to market the 1.1 million square-foot property, citing a advertising and marketing brochure. Neither JLL nor Sterling Group instantly responded to NBC Chicago’s request for remark.
The redevelopment mission was first introduced in June of 2024. On the time, the village held public open homes and unveiled detailed renderings of what the redeveloped mall may seem like, with plans for rebuilt shops, eating places, luxurious residences — and even a brand new water mill.
Village officers had additionally beforehand mentioned the mission was “anticipated to create new companies and jobs, and improve the tax base for Niles faculties and the village and develop Niles’ inventory of luxurious housing.”
“All through the years, Golf Mill has been identified to be extra than simply a shopping mall,” Alpogianis mentioned in June. “For generations, households have celebrated traditions there; individuals of all ages have congregated there and our companies have thrived there. The Golf Mill City Heart redevelopment is a catalyst for a renaissance of the mall, surrounding companies and our village.”
The mall’s on-line listing exhibits the middle is presently residence to 44 outlets and eating places, and an AMC Film Theater. The village in 2024 mentioned the redevelopment plan known as for almost “the whole lot on website” to be knocked down, apart from the mall’s freestanding shops which embrace JCPenney, Goal, Ross, Ulta and Burlington. A timeline was not supplied.
The village additionally initially mentioned the plan was supposed to make the mall a spot to “stay, work and play,” with 70% retail and leisure and 30% luxurious housing within the type of condominium buildings, together with workplace buildings, a pedestrian promenade, medical amenities, a park and doubtlessly a lodge.
Earlier this yr, Alpogianis mentioned the mall was certainly one of two areas the village had plans to redevelop, with the opposite half being close to the well-known Leaning Tower of Niles, following the demolition of the Leaning Tower YMCA constructing final month. A press launch from the village mentioned 9 acres of property there’s set to remodel the positioning right into a “mixed-use improvement that includes retail, eating, and leisure choices,” although precise plans haven’t been decided.
“This is likely one of the areas that wanted to get be introduced in control,” Alpogianis mentioned throughout the development final month. “We’re giving individuals a gathering spot the place they will hang around, they will store, they will eat.”
