After demolishing a shopping center now down to Carson PirieScott & Co. as the lone tenant, Shaw Development would beginselling individual parcels to prospective owners, then building theelements of Fountain Square at Waukegan. Likely buyers, companypresident Dennis J. Stine says, could include restaurants, hotels,banks and office builders.

While putting up $20 million in equity, Shaw Development Co.'sSDC Waukegan Venture LLC is seeking a tax increment financingpackage worth $30 million. In addition, the city is offering to buythe southernmost 32 acres of the site for $5.5 million for a useyet to be determined. Single-family homes is one possibility forthe land, which Chicago-based REIT AMLI Residential PropertiesTrust had eyed for multifamily rental development, which the citynixed.

The Lake County Assessor's office pegs the market value ofLakehurst Shopping Center at less than $18 million, but 91% of thatvalue is in the land.