The Hawthorn Mall in Vernon Hills is planning a $200 million transformation both inside and outside. The mall is owned by Dallas-based Centennial Real Estate. Last summer, Centennial told village leaders about its plans to redevelop the Hawthorn Mall. The mall was built in the 1970's and is 1.3 million square feet according to The Daily Herald.
The village board will be hiring Kane, McKenna & Associates to begin a study to see if the mall meets legal requirements to be designated a tax increment financing district.
A tax increment financing district is an economic development incentive where property tax disbursements are frozen, usually for 23 years. Any additional tax revenue arising from property values increasing during that time would go into a special fund to pay for improvements in that district.
The last time that this mall had any improvements was in 2015 which was for a $50 million redevelopment.
Village Manager Mark Fleischhauer is working with architects on the development side of things for the mall with the details of the financial aspects that are coming next.
Per the Village of Vernon Hills, the plans for the Hawthorn Mall will include the following:
- Elevated full-service and specialty restaurants
- Activated green space with community events
- Enhanced retail space with high quality residences
Due to the size and scope of this project, it will be divided into at least four phases:
- Phase One - Construction of three out-lot buildings along Milwaukee Avenue and the re-engineering of Ring Road on the East end of the mall property.
- Phase Two - Renovation of the Center Court of the Mall
- Phase Three - Redevelopment of the now vacant Carson Pirie Scott building attached to the mall
- Phase Four - Demolition and redevelopment of the Sears building
The coronavirus could delay Centennial's plans but a spokesman for Centennial said the project is moving forward and hopes to provide updates in the near future.
DataBid is currently reporting on this project - Hawthorn Mall Redevelopment - Vernon Hills (0029040219)
Posted by Judy Lamelza