Besides being at the intersection of two major thoroughfares, the site is near the Schaumburg Convention Center, O'Hare International Airport and the 2.6-million-sf Woodfield Mall. "The visibility from the two highways alone makes it prime land for retail development," Borzak says. "We believe this is really one of the premier sites in the Chicago area, perhaps in the Midwest, with the highway availability and also the proximity to O'Hare." An apartment complex currently occupies the majority of the space. There is also a shopping center and vacant car wash on the site.

Pine Tree is partnering with Draper and Kramer because of the property and financial services company's residential experience in that they "manage thousands of units in the Chicago area," he says. The joint venture is planning a lifestyle center concept, Borzak says. The center will be "more pedestrian friendly" where a person can "take a walk, buy a cup of coffee and sit on the sidewalk," he says. The project is expected to have between 400,000 sf and 500,000 sf of retail, 500 to 1,000 residential rental units and two hotels. The retail is expected to have at least two anchor tenants. "We think that, because the visibility is so strong on the two highways, that retailers would be able to have excellent visibility…[attracting] someone new to Chicagoland or the northwest suburbs," he says.

There will likely be a second residential phase, with possibly a senior residential community, and additional commercial space, such as medical office or office space, he says. The joint venture hopes to start construction in 2009, with the first phase of the project completed in 2010 or 2011. The first phase would likely include the retail, a portion of the residential and the hotels, in addition to some entertainment and restaurants, he says.