Though Golf Mill Shopping Center is for sale, Niles village leaders are confident the $443 million redevelopment of the landmark mall will still move forward as planned this year.
In a May 7 online news release, the Sterling Organization, the West Palm Beach, Florida-based owners of Golf Mill Shopping Center, announced a “strategic initiative” to advance the redevelopment of Golf Mill, “whether through an equity recapitalization in which Sterling Organization continues to play a leading role, or a sale to a third-party that is highly qualified and experienced in executing similar redevelopments.”
Niles Mayor George Alpogianis said he learned of the announcement only recently, but the possibility of seeking a buyer or investors had been mentioned previously by Sterling executives.
“I’ve been reassured by Sterling that they’re moving forward with the project as planned,” Alpogianis said in a telephone interview with Pioneer Press. “This is another way to find out what kind of money is out there for investing or buying the property.”
Alpogianis said the village’s investment in the redevelopment is “covered” by the Redevelopment Agreement approved by village trustees at the June 25, 2024 Village Board meeting because it has “a provision in case there is a sale for a piece of property.”
The board agreed to provide a pay-as-you-go tax increment financing incentive up to $96 million for the planned mixed-use development which, according to the RDA, “may potentially feature retail, restaurants, entertainment, residential, medical office, hotel, and personal services in a multi-phased redevelopment.”
“We are fully aligned with the village in our shared commitment to bringing this exciting project to life. Our focus is delivering a development of the highest quality — one that reflects the full potential of this unique site and enhances the future of the community and doing so in as expeditious a manner as possible,” Dustin Hicks, managing director of development and construction at Sterling Organization, stated in the release.
Chicago-based Jones Lang LaSalle is marketing the project, according to the release. The real estate and investment management company is promoting the 79-acre site as a redevelopment opportunity of turning the 1.1 million square feet of retail into a “modern open-air, mixed-use property.”
The Sterling Organization did not return Pioneer Press calls for additional comment.
“No matter what happens, Sterling assured me, I assure our citizens, whatever happens … will be in the best interest of the village of Niles,” the mayor said.
It was Aug. 19, 2014, when the Sterling Organization announced its $60 million purchase of Golf Mill from the Cuneo Family, who had developed the popular mall in the 1950s. In recent years, village leaders have been in extensive negotiations with the real estate development group and Alpogianis said the company has been very cooperative.
Some of the planned redevelopment at the site is the creation of a pond, or water feature with a mill wheel in the water, just as the original mall had. The red letters on the golf-style office building, he said, will also be another form of signage at the mall.
Alpogianis said according to the master plan, the entire interior mall will be torn down, as will the movie theater and former Sears retailer building. He said there are currently approximately 40 tenants, including those using kiosks, still inside the mall but most others have moved out.
All of the buildings and tenants in the outlots surrounding the mall will be retained, he said, including LA Fitness, Gordon Food Service Store, and retailers Target, Ross Dress for Less, Burlington, Ulta Beauty and JC Penney. Extensive landscaping, a promenade from Golf Mill Park toward the pond, outdoor movie screens and a grassy knoll are also planned, he said.
“The way we envision it: Live, eat and play,” Alpogianis said. “We wanted a place that is family oriented, where kids could find something to do, watch a movie while their mom and dad could get a haircut, get their nails done or grab a bite to eat at a restaurant.”
Although the recent sale announcement is a “bump in the road” in the redevelopment plans,
Alpogianis said he remains very confident. He called it all a waiting game, though he said he’s talking with the principal of Sterling and plans are still moving forward.
“Golf Mill was the jewel of Niles for decades,” the mayor said. “We’ve worked very closely with Sterling via the RDA to restore Golf Mill to its glory days once again.”
Elizabeth Owens-Schiele is a freelancer.
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