Pacific Retail Capital Partners didn’t need to look too hard for the site of a multifamily apartment development in Lombard.
The owner of the Yorktown Center shopping mall is investing $200 million to replace the former Carson Pirie Scott store.
The firm bought the property in the Chicago suburb back in 2012 and is partnering with Chicago-based Synergy Construction Group to build up to 700 residential units on a 12-acre portion of the property, the Chicago Sun-Times reported. Pending village approval, work on the project is expected to begin next spring.
Phil Domenico, principal at Synergy, said that it will likely take five years to complete and will include luxury apartments. And the final number of units in the final development plans, which will include a 3-acre park, will depend on zoning change.
Village officials are discussing potential incentives for the project, including tax-increment financing and funds from a business taxing district that includes Yorktown.
William Henniff, Lombard’s community development director, told the outlet that part of the existing mall will be redesigned to better connect to the park and apartment building.
The village could approve the zoning change as soon as the beginning of 2023 and Domenico said the project got positive feedback at the community meeting about it.
“We are in the business of transforming shopping malls,” Steve Plenge, CEO of Pacific Retail, told the outlet. “We believe we can add a vibrant mix of uses to create further densification to a site where people will want to live, shop, dine and be entertained.”
The Yorktown shopping center is home to about 150 businesses, including major tenants Von Maur, Target and JCPenney.
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