Home News Brookfield Property Partners working on new redevelopment plan for Northbrook Court mall

Brookfield Property Partners working on new redevelopment plan for Northbrook Court mall

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Brookfield planned to spend $250 million on the proposed redevelopment. This included 315 apartments, grocery stores and food halls. An empty Macy’s department store was demolished at the end of 2019 to make way for the project, but construction never broke.

The New York-based real estate investment firm said it plans to complete what it has started, but has not given any details about when or how plans have changed.

“While we understand the public interest in this property, no specific timeline has yet been set for the redevelopment. We are working to share an update in the coming months,” said Brookfield. said in a statement. “We look forward to continuing our partnership with the village of Northbrook, community stakeholders and retailers to ensure the long-term viability of this facility.”

Larger regional malls have taken a serious hit over the past few years, and the 986,000-square-foot Northbrook Court at 1515 Lake Cook Road is no exception. Lord & Taylor closed his stores in late 2020, leaving only his one department store, Neiman Marcus, at the mall. Several other small retailers have also closed stores, causing vacancy rates at the property to skyrocket.

At some point last year, Brookfield seemed ready to leave the Northbrook Court. Even his Barings, a mall lender, broker interviewed Regarding the possible sale of the mall.

Brookfield has not hesitated to relinquish properties deemed lost cause in a decision made earlier this year To get another big local mall, Water Tower Place on the Magnificent Mile, to its lessor.

However, as a sign of commitment to Northbrook Court, Brookfield recently paid off Moll’s $131 million loan from Barings, according to documents filed with the Cook County Registrar.

A redevelopment agreement approved by the Northbrook Village Board gives Brookfield $21.5 million tax increase loan $5.5 million in sales tax refunds to fund the project. Brookfield has yet to receive the money.

In July 2021, the village board granted Brookfield an extension for the first year of the redevelopment contract, through August 1 of this year. The Board “to provide (Brookfield) with time to respond to the extraordinary impact that the COVID-19 pandemic has had on the commercial retail sector and secure adequate funding to complete redevelopment projects.” agreed to extend. Board meeting on July 26th this year.

The second extension gives Brookfield more time to “provide[Northbrook Court]with a new comprehensive redevelopment plan that takes into account the significant market changes that have occurred” since the project was conceived. You can get a lot of time, the resolution says.

The village board has decided to extend the deadline for the agreement to September 1, or December 23 if village administrator Cara Pavlicek is satisfied with Brookfield’s progress. She said she hadn’t seen the revised plan yet.

“I think they have made good suggestions before. I am very happy that they continue to work with the village,” said Pavlicek.

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