MOUNT PROSPECT, IL-Casto Lifestyle Properties completed a key portion of the first phase of the redevelopment of the iconic Randhurst Mall here recently, by hiring McShane Construction Co. to build a 120-unit Hampton Inn on the 100-acre property. The one-million-square-foot redevelopment, with retail, offices and a 12-screen theater, will be worth about $200 million when completed, Casto says.
When it opened in 1962, the indoor mall here was the largest in Illinois, and one of the biggest indoor air-conditioned areas in the country. A fallout shelter was constructed underneath the stores. However, the indoor section of the mall closed in 2007, though big box anchors such as Carson Prairie Scott and Home Depot remained open.
Casto has undertaken the redevelopment. James Conroy, director of development for the company, estimates the two-phased reconstruction project will cost about $150 million. About half of the one million square feet includes existing retailers. The new first phase will be about 350,000 square feet, Conroy says, and the second phase will be more than 100,000 square feet.
Much of the work has been started, including moving an existing AMC theater to a new 12-screen facility. About eight new retail/office buildings are planned, with a few tenants now signed on, including Old Navy, Billy Goat Tavern and Tony Sacco’s Pizza, Conroy tells GlobeSt.com. Sports Authority and PNC Bank have opened, and Carson recently debuted a redeveloped building. When completed, the project will have up to 60 stores.
“The older indoor building got sleepy and outdated,” Conroy says. “This new open-air development is more vibrant. While the retail market has been down, we just hosted the grand reopening of Carson’s, and there wasn’t a parking spot left in the lot, it’s a good sign that there’s a strong market here.”
The original Casto plans had called for the project to have an 18-screen theater, and to have been ready to open this past summer. Conroy did not elaborate on the changes.
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