Brookfield Properties is resuming discussions on its long-awaited redevelopment of the Northbrook Court shopping center after the pandemic halted the project.
Ben Freeman of Brookfield recently submitted a preliminary master plan to the Northbrook Village Council detailing a proposal for an open-air retail center to the north of the property and a residential mixed-use community to the west of the mall, Daily Herald Report.
The Village approved Brookfield’s initial plans back in 2019, which call for 315 residential units, covered parking, a 60,000-square-foot grocery store and 40,000 square feet of new retail.
As part of the new plan, the open-air retail center will include 30 new stores and restaurants totaling more than 255,000 square feet south of Lake Cook Road. After the pandemic put the work on hold, Brookfield had time to expand its vision for the site.
residential area The mixed-use portion of the development, to be built on the demolished former Macy’s site and implemented over 10 years, will accommodate up to 2,000 residences, including apartments, apartments, townhouses and possibly other types of dwellings, Freeman explain.
The developer’s “zoning plan” includes 36 acres of mixed-use residential, 15.6 acres of mixed-use commercial, and a little more than 30 acres of parks and open space. While Freeman said the new development at the location won’t disrupt the mall’s existing 350,000 square feet of retail space, he did throw a curveball.
“While open-air retail was at the heart of the initial phase of the development, other phases considered potential scenarios ranging from the adaptive reuse of existing mall stores to the potential for the mall to be razed,” Freeman told The Store.
If the property qualifies for the “Desolate Area Factor” tax increase financing zone, it is estimated that 23 years after the TIF was established, the tax assessed value of the property would increase from $9.50 to $75 million. million in 2017.
Over the next few months, Freeman and village leaders will continue to meet with stakeholders, neighbors and other members of the community. Village Mayor Cara Pavlicek aims to have a timetable for the early stages of the project by September.
— Quinn Donoghue
