Anchor, Facelift for North Shore's Oldest Mall

Demolition of the south end of the 31-year-old mall, which includes a vacant Service Merchandise store, is scheduled to begin this spring. A Best Buy outlet next to the tgi location will reduce its size from 60,000 sf to 50,000 sf of remodeled space. SportMart also is getting 42,000 sf of fresh space in a renegotiation, and expects to take occupancy this spring.

Completion of the mall's renovation, as well as tgi's opening, is scheduled for next spring. Besides a new façade, 4,000-sf and 9,000-sf outlots will be redeveloped.

Although renovation costs are not disclosed, the makeover is funded in part by a $5.5-million sales tax rebate to Sears, payable over 15 years as long as the mall generates the same sales tax revenue – approximately $1 million a year.

"The village of Deerfield was very instrumental in getting this project off the ground," says Mid-America Asset Management, Inc. principal Richard Spinell, whose Oakbrook Terrace, IL-based firm is overseeing the mall's redevelopment in addition to handling leasing and management at Deerbrook. "The tax rebate program they gave to the shopping center and tgi was crucial, and working with them throughout planning and initial construction has been an extremely positive experience every step of the way."

The tgi anchor stemmed from efforts by Mid-America principals Stanley Nitzberg and Jeff Kuchman search for additional sites for the home furnishings retailer. The result was a deal to build a 135,000-sf store at Deerbrook with underground parking, similar to tgi locations in the suburbs of Lombard and Schaumburg.