‘Something lasting’: Buffalo Grove developer has big plans for former Walgreens HQ

Buffalo Grove-based Shorewood Development Group, which has been changing the landscape in the village it calls home, now plans to make its mark across the border in Deerfield by redeveloping the former Walgreens headquarters.

Shorewood paid the Phoenix-based real estate investment trust Orion Properties $13.1 million to acquire the 37.5-acre property at 1411-1435 Lake-Cook Road., according to published reports.

Louis Schriber III, founding partner and CEO of Shorewood, said the firm has had Deerfield in its sights for years, even as it focused on recent projects in Naperville, Schaumburg, Bolingbrook, Arlington Heights and Buffalo Grove.

Factors including the Lake-Cook Road exposure and proximity to the tollway system make the Walgreens site unique, he said.

“Beyond the location fundamentals, Deerfield has the demographics, the community leadership, and the planning vision that make institutional-grade development possible,” Schriber added. “It’s the kind of community where you can do something lasting.”

Shorewood first engaged with Orion about the property roughly a year ago. Orion set the table by demolishing the six office buildings on the campus.

“They were a constructive seller — they took the necessary step of demolishing the existing buildings to get the site to a marketable stage, which made the acquisition cleaner,” Schriber said. “We commend Orion for that. It was a big reason we were able to close as quickly as we did.”

Schriber’s major projects in Buffalo Grove include the Woodman’s development at Deerfield Parkway and Milwaukee Avenue and the Shops of Buffalo Grove across the street.

Shorewood also developed the former Rohrman auto dealership on Dundee Road into Bison Crossing, which includes a Tesla Service Center and a planned 224-unit apartment building.

His latest project in Buffalo Grove is the redevelopment of the former Dominick’s site in Chase Plaza at Arlington Heights and Lake-Cook roads. It will be home to a Club Studio fitness center and Sprouts Farmers Market.

Shorewood envisions the project in Deerfield containing a mix of complementary uses.

“Our goal is to develop a project where people have a reason to come and stay awhile — not a grab-and-go destination,” Schriber said.

Shorewood is in negotiations with several potential site users, including multifamily residential, healthcare, and fitness. They are not ready to disclose specific names until letters of intent or purchase agreements are finalized, he added.

The developer’s timeline calls for breaking ground in 2027 on site infrastructure and pad delivery for two to three anchor tenants. Additional construction would follow, with first phases expected to open in 2028 and beyond.

Schriber confirmed Shorewood has initiated preliminary conversations with Deerfield village staff. The village’s vision and community standards are what make this kind of development possible, he added.

“This is an extraordinarily important piece of land for the Deerfield community, and our priority is to work hand-in-hand with the village, residents, and our development partners to deliver a project that reflects what this site should be,” Schriber said.