MOUNT PROSPECT, IL-Casto Lifestyle Properties completed a keyportion of the first phase of the redevelopment of the iconicRandhurst Mall here recently, by hiring McShane Construction Co. tobuild a 120-unit Hampton Inn on the 100-acre property. Theone-million-square-foot redevelopment, with retail, offices and a12-screen theater, will be worth about $200 million when completed,Casto says.

When it opened in 1962, the indoor mall here was the largest inIllinois, and one of the biggest indoor air-conditioned areas inthe country. A fallout shelter was constructed underneath thestores. However, the indoor section of the mall closed in 2007,though big box anchors such as Carson Prairie Scott and Home Depotremained open.

Casto has undertaken the redevelopment. James Conroy, directorof development for the company, estimates the two-phasedreconstruction project will cost about $150 million. About half ofthe one million square feet includes existing retailers. The newfirst phase will be about 350,000 square feet, Conroy says, and thesecond phase will be more than 100,000 square feet.