Centennial and Pacific Retail Capital Partners are spending big on plans to bring left-for-dead malls back to life
All signs point away from investing in shopping malls, which have been branded as dead or dying.
At Fox Valley Mall in the Chicago suburb of Aurora, for example, two department stores are vacant. An hour’s drive away, in Vernon Hills, Illinois, the Hawthorn Mall also suffers from two department store vacancies.
But real estate firm Centennial is betting big that malls being left for dead can have a second life, turning them into 24/7 communities that include housing and live events. It’s dropping hundreds of millions of dollars on the two properties in the Chicago suburbs alone...
At Fox Valley Mall in the Chicago suburb of Aurora, for example, two department stores are vacant. An hour’s drive away, in Vernon Hills, Illinois, the Hawthorn Mall also suffers from two department store vacancies.
But real estate firm Centennial is betting big that malls being left for dead can have a second life, turning them into 24/7 communities that include housing and live events. It’s dropping hundreds of millions of dollars on the two properties in the Chicago suburbs alone...
RSK: "I have a dream"!! Hopefully it can work...excellent idea.
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- - Volume: 11 - WEEK: 39 Date: 9/26/2023 12:45:25 PM -