The Biz Week That Was: Revitalizing a mall, using AI to monitor market trends, immersive art
Apartment developer launches Yorktown mall project; first phase calls for 271 units
Visitors to Yorktown Center are seeing visible progress on a project to revitalize the Lombard mall. A crop of new restaurants and a Dave & Buster’s have been added to the mix. A grocery store is slated to open next year. In the clearest sign of the mall’s resurgence, a developer has kicked off the first phase of a luxury apartment project called “Yorktown Reserve.” The old Carson’s department store will be dismantled to pave the way for public green space between the mall and the apartments. Inward-facing mall spaces will be turned outward. Facing the park will be a new, two-story entrance directly into the center of the mall.
St. Charles using ‘highly accurate’ AI data to track event participation, market trends
The city of St. Charles has been using artificial intelligence analytics to assess the foot traffic patterns and consumer behavior of residents and visitors, and to monitor the success of city events. The intention is for the city and the St. Charles Business Alliance to use the program to make informed decisions and evaluate the success of city events and initiatives as well as monitor market trends.
Rosemont inks deal to bring immersive art experiences to town
Rosemont has inked a deal with a Montreal-based studio to operate an exhibit space for immersive art experiences set to open in a 25,000-square-foot building next year. Announced by village officials last year under the “Expressions” title, EXP will feature rotating programming of virtual, augmented and mixed-reality experiences in The Pearl District, south of Balmoral Avenue and west of the Tri-State Tollway.
Ragu-maker Mizkan relocating North American headquarters from Mount Prospect to Schaumburg
The Mizkan Group, a global Japanese food manufacturer best known for its Ragu brand of pasta sauces, is moving its North American headquarters from Mount Prospect to Schaumburg. Mizkan America will be moving in 2025 from its current location at 1661 Feehanville Drive, in the Kensington Business Center, to the Woodfield Corporate Center complex, where it will occupy 50,349 square feet.
Average rate on a 30-year mortgage in the U.S. rises to highest level since July
The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate averaged 7.29%.