Mount Prospect planning panel recommends Randhurst subdivision
Randhurst Village's management moved one step closer to its goal of subdividing the property and selling its out-lots this week.
Mount Prospect's planning and zoning commission Thursday recommended the village board approve the plan, which would enable DLC Management Corp. to generate funds to pay off its mortgage and reinvest in the core of the shopping center.
The village board is expected to meet on the matter Nov. 16.
Christopher Ressa, DLC's chief operating officer, said at an earlier meeting that day before the Economic Development Commission, which also recommended the plan, that the top priority is to address the vacancy created when Carson Pirie Scott closed. DLC has already invested $5 million to bring HomeGoods to a portion of the site.
During the planning and zoning commission meeting, Chairman Joe Donnelly said, "I look at this as more like a condominium association. You have multiple tenants that own parcels now, (with) common elements like the parking and the roads that will all be taken care of, and Randhurst will be operating the entire facility."
Commissioner William Beattie asked about maintaining a uniform aesthetic, something, he said, was given attention when Randhurst was being developed.
Connor Harmon, with the village's community development department, said Randhurst, and potentially the village, would need to sign off on such issues as signage.
Community Development Director Bill Cooney explained that if a lot were sold, a buyer would still have to comply with DLC's conditions and the village's zoning ordinance.
"Any significant change would have to come back through us," Cooney said.
"DLC, they're the sheriff there," said DLC attorney Andrew Scott, "and they run the show and they make sure all their tenants are complying with all the rules of their leases. After the proposed subdivision of the property and sale of parcels, they're going to continue to be the sheriff."
The out-parcels include the spaces currently occupied by PetSmart, Steak N Shake, Buffalo Wild Wings, Kiddie Academy, Bank of America and PNC Bank.
Scott said the process of selling the properties should not disrupt the current occupants.
Scott said money from the sale of an outlot would go toward paying down a portion of the mortgage on the center.
"As DLC continues to bring in new tenants and make improvements to the center, it allows them to refinance the property, which further frees up capital and allow them to reinvest," Scott said.