An aging strip mall in Hanover Park has attracted a developer who wants to take the vacancy-riddled property over from the village.
In January, the village put out a call to developers to submit their vision for the Hanover Square shopping center on Barrington Road.
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Although officials have not endorsed a specific concept for the site, the village gave developers until mid-March to come up with their plans to buy and revitalize the nearly 10-acre property.
Only two developers stepped forward, one of which the village has rejected, Mayor Rodney Craig said.
But he's confident the remaining offer will end the search for a buyer. He declined to say the potential selling price.
A Chicago-based retail consultant will help the village study the proposal's viability.
"We don't sell a shopping center everyday," Craig said. "We want to have a consultant look at all aspects of the proposal."
In 2011, the village bought the deteriorating site for $2.8 million. The goal was to return Hanover Square to the private sector after funneling public dollars to improvements. For instance, the village has sunk money into the shopping center's roof, utilities and other infrastructure.
But interest in the property has grown more recently since Harper College and Elgin Community College agreed to fill a 10,000-square-foot vacant space in the center of the mall, Craig said. The schools expect to open the Education and Work Center this summer, with adult education courses starting the fall.
"Those are all big pluses," he said.