Mt. Prospect sees latest plans for gutting mall
The Mount Prospect village board on Tuesday got another glimpse at the largest redevelopment project in the history of the village: Randhurst Village.
Developers for Randhurst Shopping Center presented a new plan for a lifestyle center that would be slated to open within two years.
The Randhurst Village redevelopment calls for gutting the current mall and building retail and office space around the current anchors, including Home Depot, Costco, Carson Pirie Scott, Bed, Bath and Beyond, and Borders.
The AMC Theatres would also remain but be relocated to another part of the 100-acre project.
A number of restaurants would figure into the site, as would offices and a hotel, spread out among 25 smaller, 1- to 4-story buildings scattered around the site.
The $150 million proposal has changed since its last incarnation. It will no longer include a residential component as once hoped.
The original plan called for the basement of Randhurst to become a parking garage for residents. But upon further review, it became apparent it was too costly, said Brett Hutchens, president of Casto Lifestyle Properties, which own the mall with JP Morgan Chase.
The hope is to incorporate some type of housing on the site in the future, Hutchens said. If all goes as planned, the center would open in the spring of 2009, he said.
Many on the board appeared pleased with the overall proposal.
"I couldn't be happier with what you are proposing today," said Trustee Timothy Corcoran said. "You are on the forefront of a wave of redevelopment that is coming to Mount Prospect."
Trustee Paul Hoefert said he also liked what he saw.
"This is something we have to do…," Hoefert said. "If nothing is done, this mall continues to deteriorate and at some point is essentially worthless to us. In its new (proposed) configuration, it's got a bright future."
Part of the project requires $25 million from the village in the form of bonds, which would be paid for with sales tax revenue, said Jim Conroy, director of development in Chicago for Casto.
The project has been delayed by various tweaks to the plan, like nixing the residential component, but it had nothing to do with the current economy, he said.
The board made no decision regarding the project, but it will like come back to the board for further review next month, said Bill Cooney, director of community development. The board must approve various components, including the site plan, for the project to move forward.