Klaff Realty LP has begun the second phase of the redevelopment of Elmhurst Crossings Shopping Center. The 340,000-sf retail center is at the northeast corner of Route 83 and St. Charles Road in Elmhurst. This phase includes the construction of a new KohlÕs store, opening in October 2000, along with a Big Kmart store, opening in spring 2001.

When Klaff began working on this project, the shopping center was placed into a tax-increment refinancing district created to finance demolition of the public works building on an adjacent site.The City of Elmhurst provided the $20 million mortgage, raised from the issue of sales tax revenue bonds, needed to carry out the multiphase project for the center. The loan is secured with a fixed rate for 20 years.


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