The 12-acre property will be co-developed by PRCP and Synergy, with new multi-family buildings, a more than three-acre park area that will be used as a communal outdoor environment, and dining and retail offerings. Construction on the two-phase project is anticipated to begin in spring 2023 with an estimated completion of phase 1 in spring 2025 subject to final planning review by the Village of Lombard.
"As department store buildings around the country become obsolete, communities look to companies like Synergy and Pacific Retail for the next vision for retail malls," said Phil Domenico, Principal, Synergy Construction. "With Synergy and PRCP's acquisition of the former Carson's building at Yorktown Center in Lombard, the joint venture is positioned to set forth a truly transformative mixed-use project, that will become a template for other malls around the country."
Originally opened as the largest shopping center in America in 1968, Yorktown Center had as one of its anchors, Carson Pirie Scott, which had a 50-year run as a department store in Lombard before closing its doors in 2018. Pacific Retail has owned the property since 2012 and has been able to rebalance the asset systematically by implementing a thorough renovation of the interior of the mall, targeted leasing upgrades, master planning, and adding a residential community to Yorktown Center.
"This project marks the next evolution in our strategic masterplan and vision for Yorktown Center. We saw the closure of Carson's as a unique opportunity for further redevelopment of the property in that it offers a vast space that is prime for creative re-imagination," said Steve Plenge, CEO, Pacific Retail Capital Partners. "We are in the business of transforming shopping malls. We believe we can add a vibrant mix of uses to create further densification to a site where people will want to live, shop, dine, and be entertained. This development is a needed investment that ensures the viability of the shopping center and will enhance the local community for generations to come."
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Phase 1 of the project includes the demolition of the former Carson's building, construction of a multi-family residential building, the creation of a large park area that will be a communal outdoor space, as well as peripheral building modifications to the shopping center that will create a connection to the residential units.
