The village of West Dundee, which is a suburb of Chicago, has authorized a $7 million acquisition of the Spring Hill Mall for redevelopment. The purchase targets a revival of the declining shopping complex via its conversion into a mixed-use space encompassing retail, residential, and entertainment sections, according to a report by CBS News.
The West Dundee Board of Trustees voted unanimously to procure the property yesterday, October 23, aiming to close the sale in early 2024. As reported in another article from Daily Herald, it also mentions West Dundee recently finalizing a deal to acquire the former Sears store for $2 million and is projected to conclude a deal for purchasing the closed Macy's store for $1.25 million in November.
The mall, sharing location between West Dundee and Carpentersville, has experienced a drop in popularity due to the shutting down of major anchor stores and the surge of online shopping in recent years. Despite the challenges, there have been eight new businesses that have been launched inside the Carpentersville side of the mall since May, as stated in the same Daily Herald report. The future of these businesses, however, is uncertain as West Dundee is now on the lookout for a development partner for the site.
A few tenants, like Alexandra Godinez whose family moved their candy store, Dulces Clara, from the Elgin Mall to Spring Hill Mall in July, was taken aback by the news. Godinez revealed she was initially offered a one-year lease, but it was later revised to a month-to-month leasing system. Despite the precarious situation, she remains hopeful of keeping the store operational through the holiday season.
John O'Sullivan, the Village Manager of Carpentersville, noted that the new mall tenants received information on the potential sale of the mall during their occupancy permit application process. Carpentersville officials, on the other side, have shown no inclination to own any part of the mall, and as Village President John Skillman plainly put, "We're glad they're moving forward".
After the approval of the purchase agreement, Trustee Tom Price shared his views, "This gives us the chance to maintain some control and participate in improving the infrastructure and such, so that can we facilitate the type of development we're keen on." With the backing of both villages, the revitalization of Spring Hill Mall is anticipated to infuse a fresh lease of life and possibilities into the area once a developmental partner is nailed down for the project.
