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185,000-SF Promenade Begins

OAK BROOK, IL-NAI Hiffman Commercial Real Estate will break ground this week on the $50 million open-air center.

By Dana Dubriwny | Updated on October 23, 2005

OAK BROOK, IL-What was once a 25-year-old office park with 30% occupancy will soon become the 185,000-sf retail center known as the Oak Brook Promenade. The $50-million open-air center will sit at the southwest quadrant of Butterfield and Meyers roads.

The development was the idea of Dennis Hiffman, chairman and CEO of locally based NAI Hiffman Commercial Real Estate Services. According to Hiffman, the answer to the struggling office market was to demolish the three-building former Waste Management headquarters, replacing it with 19 acres of retail tenants.

In response to Hiffman’s proposal, the Village of Oak Brook reviewed the office park and determined the existing site was underutilized and obsolete for the marketplace. With a vacancy rate of 70%, the site was significantly higher in vacancy than the office buildings along the 22nd Street/Butterfield Corridor. Oak Brook Trustees then approved the use of tax increment financing to support the development, making it the Village’s first use of a TIF.

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