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Inland, TMK Plan $125M Mixed-Use Development

LINCOLNWOOD, IL-The site of the former Purple Hotel will have up to 800,000 sf, including hotels, restaurants, a movie theatre and a grocery store.

By Gina Kenny | Updated on May 15, 2008

LINCOLNWOOD, IL-A joint venture between Inland Real Estate Acquisitions Inc., based in Oak Brook, IL, and Chicago-based TMK Development Ltd. are planning a mixed-use development at the site of the former Purple Hotel, 4500 W. Touhy Ave., here. Once the Legacy Place development is completed, the value is estimated to be $125 million, says Joe Cosenza, president of the Inland company. The venture acquired the property for an undisclosed sum from a private individual based in an adjacent suburb, Cosenza says.

The development, which will be on an 8.5-acre parcel at the intersection of Touhy and Lincoln avenues, is expected to have up to 800,000 sf of retail, hotel, office and residential development. There are 230,000 people within a three-mile radius of the intersection, Cosenza says. “You have an average household income of $80,000,” he adds. Within a five-mile radius of the site are 785,000 people, he says. The venture plans to “develop it into a brand new downtown location for Lincolnwood,” he says.

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