Randhurst ready for big redo
Demolition of Randhurst Mall could begin as early as next summer, Randhurst Shopping Center's general manager said Thursday.
"If everything goes really well, they would probably start demolition in August of '08," Tom Castagnoli told the Mount Prospect Economic Development Commission.
He added that the new lifestyle center, called Randhurst Village, would probably open in September 2010.
This week, a Florida firm, Casto Lifestyle Properties, confirmed its plans to convert the mall into a lifestyle center.
Castagnoli, who also is a commission member, told the panel that plans call for a 100-room hotel, approximately 150 apartments and 200,000 square feet of retail, as well as a new 18-screen movie theater inside the lifestyle center. The present AMC theaters would be converted to retail.
Castagnoli had plenty of positive things to say about Casto, which specializes in lifestyle centers, including one in Winter Park, Fla., that saw a mall conversion similar to the one envisioned at Randhurst.
"I think Mount Prospect is very fortunate to have them," Castagnoli said. "There are very few companies in this country that could pull this off. They are one of the few that can do it."
Economic Development Commission Chairman David Lindgren mentioned one Casto development he knows about, Main Street at Lakewood Ranch in Lakewood Ranch, Fla.
"They have done several of them (in Florida)," he said. "They're quite nice."
Although the focus is on the mall's conversion, Castagnoli was quick to point out that the mall at Randhurst is still very much alive.
"We're going to be here for Christmas of '07 and possibly Christmas of '08," said Castagnoli, noting three stores just opened in the last month.
He added that the mall still holds several opportunities for small retailers.
Mount Prospect Community Development Director William Cooney also emphasized that during the mall's conversion, the remainder of the shopping center will be open, including Home Depot, Costco and Carson Pirie Scott.
The mall is actually only a small part of Randhurst Shopping Center, which includes stores like Steve & Barry's and Bed, Bath & Beyond, restaurants like Buffalo Wild Wings, Borders Books and Music, and Jewel Food Store.
"So it's not like it's shutting down," he said. "Quite frankly, that would be a big hit on us."
Castagnoli underscored that remark by pointing out that 80 percent to 85 percent of the shopping center's sales will still be generated during demolition and construction.
Castagnoli said at some point Casto will take over the management of the mall. However, he said Casto has said the company intends to retain him and his staff.
He said Randhurst will likely be the first in the Chicago area to undergo the transformation from mall to lifestyle center.
Cooney said the village is meeting with Casto next week. He noted that Casto President and Chief Executive Officer Brett Hutchens is impressed by the site and the area's demographics.