Kensington Development Partners and IM Properties will spend $135 million to overhaul the Prairie View Shopping Center in north suburban Morton Grove, converting it into an upscale mixed-use “lifestyle center.” The complex would include 250 luxury apartments.
The developers are mirroring a growing trend among mall owners of bringing in new uses to add density and rejuvenate their properties. Retail landlords have added apartments, hotels and medical offices, with some even turning to co-working spaces and business parks to fill former anchor spaces.
A rendering of the makeover (Credit: Village of Morton Grove)
Oak Brook-based Kensington and England-based IM Properties will open a number of retail stores along with the residential component on the 26-acre site at Dempster Street and Waukegan Road, according to the Morton Grove Champion, which first reported the news. Those stores will include a Cooper’s Hawk Winery and Restaurant, Flix Brewhouse theater and brewery, Kohl’s and a grocery store. The property sat vacant for more than 10 years, and became a “run-down eyesore,” Village Administrator Ralph Czerwinski told the Champion.
Kensington and IM bought it in September, and intend to demolish all of the existing buildings except a bank branch.
Not far from Morton Grove, Brookfield Property Partners want overhaul Northbrook Court shopping mall. That could mean the Macy’s store torn down and replaced with apartments, food hall and other retail components. Centennial Real Estate, meanwhile, wants to add a gourmet grocery store, restaurants, shops, a large park and 450 luxury apartments to Hawthorn Mall in Vernon Hills. [Morton Grove Champion] — John O’Brien