Yorktown Mall in Lombard is planning to replace a vacant anchor store with hundreds of apartments:
The department store closings have turned other enclosed malls into retail ghost towns. But Yorktown has sought to reinvent itself by thinking outside the big box…
Pacific is now teaming up with Chicago-based Synergy Construction on a major overhaul of the west side of the 54-year-old mall. Plans call for replacing the cavernous, three-level Carson’s store and its vast parking lot with an apartment complex and a public park. The residential portion of the development will cost an estimated $201 million over two phases, Lombard officials say…
Pacific and Synergy have not finalized a unit count, but village memos indicate the latest project could bring approximately 700 apartments to Yorktown.
“You start having a critical mass of maybe 1,500 or 2,000 new residents,” Niehaus said. “And when you look at the rent rates that the apartments are generating, it typically lends itself to people that have disposable income that will want to shop or eat or participate in activities.”
Not all malls will survive the coming years. The idea behind replacing stores with apartments or housing is that it is a better use of the space rather than trying to chase a dwindling number of successful retail options and adding residents next to stores, restaurants, and entertainment options means they will spend some of their money in the remaining mall spaces.
Will this ultimately be the successful tactic that either saves some portion of the mall or revitalizes/transitions the space from retail to other uses? Housing is needed in many communities with shopping malls. Will communities recoup the revenue that used to come in through sales taxes? Will the footprint of the mall eventually disappear into the sprawling suburban landscape? As noted in the article, this is not the only Chicago mall pursuing this. See the example of the Fox Valley Mall in Aurora. Wait another thirty years or so and the legacy of the suburban shopping mall – roughly a century old at that point – might be very different.