Randhurst wants to sell outlots to reinvest in struggling center's 'Main Street'
Several Mount Prospect village board members have called Randhurst Village a crown jewel for the community.
Now they're facing the question of whether the struggling shopping center's owner should sell off a few diamonds to restore the mall's faded luster.
A representative of Randhurst owner DLC Management Corp. appeared before the village board Tuesday seeking permission to subdivide the property so it could sell up to 15 outlots.
The proceeds would enable the company to pump more money into other parts of the shopping center, most notably the Main Street section that has several vacancies, including the former Carson's anchor space, DLC leaders say.
But village trustees questioned the plan, as well as DLC's vision for the center's future. While emphasizing the importance of Randhurst to Mount Prospect, they also pointed out that the village has committed $25 million in incentives to the center.
"What kind of assurances do we have that when you sell these lots, you're going to reinvest the money into the property?" Trustee Richard Rogers asked.
"We have invested so much money here," DLC Chief Operating Officer Christopher Ressa replied. "The only way out is to make this property better."
Ressa said the first move for 2021 will be getting a new HomeGoods store open in a section of the former Carson's space.
The second goal is helping the existing Randhurst retailers through the rest of the COVID-19 pandemic. A significant amount of assistance already has been provided in terms of rent relief and federal funding, Ressa said.
The third piece is further redevelopment of the Carson's space, which Ressa said could cost "north of $20 million."
Trustee Augie Filippone voiced skepticism about the DLC proposal.
"This is half-baked, if I can even give you that much of a percentage," he said. "It should be part of a grander development package."
The request will be back before the village board for a possible vote June 15.