Home News Old Orchard: Unibail Rodamco Westfield adds apartments to Skokie mall

Old Orchard: Unibail Rodamco Westfield adds apartments to Skokie mall

by admin
0 comment

After losing Bloomingdale’s this year and Lord & Taylor in 2018, Old Orchard now has only two department stores: Macy’s, Marshall Fields’ successor, and Nordstrom at the southern end. But the mall has strong tenants like Apple, Tiffany’s, LL Bean, Crate & Barrel, and has the advantage of being in an affluent location in Chicago’s northern suburbs.

Like many malls, Old Orchard has struggled during the pandemic as retailers closed some stores entirely. From 2019 to 2022, sales for Skokie Village fell 36%, according to a report he produced in February. This report did not include sales data for 2021. Mason declined to provide information about mall occupancy.

Old Orchard is the main economic driver of the village and the largest source of sales tax revenue. March, Skokie Village Board approved a redevelopment agreement This includes an additional 1% sales tax on mall transactions and helps raise $84 million in improvement funding.

In addition to building apartments at the northern end of Old Orchard, URW aims to attract more restaurant and entertainment tenants to the property. This is a common strategy for mall owners to attract “ecommerce-resistant” tenants.

“We’re really enhancing what we already have,” says Mason.

Recent additions to Old Orchard dining options include Capital Grille, Bar Sienna and Hampton Social.

URW is also working to fill space in the former Lord & Taylor store, with a virtual reality game operator occupying about half the space in a short-term lease. URW aims to fill the store with multiple tenants, pursuing the concept of international fashion brands, luxury furniture retailers and entertainment, Mason said.

But the apartments are a big idea at URW in Old Orchard. It’s not what it used to be: In Northbrook, owners of the Northbrook Court mall demolished a Macy’s store to make way for a $250 million remodel of the mall that includes 315 apartments. The project has been delayed by the mall’s owner, New York-based Brookfield Property Partners. Work out a new redevelopment plan.

You may also like