After years of sitting half-empty and worn down, Lincolnwood Town Center has a new owner, and village officials say the slow work of reimagining the 31-acre site at Touhy and McCormick is now underway. The village was notified on December 19, 2025, that a local development team, tied to Prairie Ridge Development and Xroads Real Estate Advisors, had closed on the long-struggling property after years of vacancy and deferred maintenance. Neighbors and nearby businesses are being told to expect a planning process that will stretch over months, with community meetings and formal review before any major construction or demolition starts.
The Village of Lincolnwood said the notification of the sale came from a group affiliated with Prairie Ridge and Xroads, according to the Village of Lincolnwood. Local reporting has noted that Xroads is set to manage the mall while Prairie Ridge works up a redevelopment plan, and that initial planning is expected to play out "over the next several months," as reported by NBC Chicago.
Commercial real estate coverage pegged the purchase price at about $12.3 million and reported that the mall was sold out of receivership after a foreclosure process that started in 2021, according to The Real Deal. The center has cycled through multiple owners since Washington Prime Group’s bankruptcy and has seen major anchors close, leaving Kohl’s as the primary attraction. Brokers and marketing materials have pitched the 1990-built complex as a prime candidate for a mixed-use overhaul.
What Might Replace The Mall?
Lincolnwood has not been waiting for a buyer to start thinking about the next chapter. Village planning documents adopted in 2022 lay out several mixed-use concepts for the Town Center site, from keeping Kohl’s and reworking the remainder of the mall to a full teardown and rebuild into smaller, walkable blocks, according to CBS Chicago. Those scenarios are designed to mix retail, housing, and commercial or life-science space in different configurations depending on what the market will support.
Mayor Jesal Patel has indicated that plans could lean heavily on housing to deliver steadier foot traffic and a more reliable tax base, a direction described in reporting by the Chicago Tribune. The basic idea: fewer empty storefronts, more residents on site, and retail that is better matched to who actually lives and works in the area.
Who’s Running The Site Now?
For now, the new ownership group is emphasizing potential rather than blueprints. Michael Nortman, a principal at Xroads, said in the sale announcement that the property "has the potential to evolve into a destination that better reflects today’s needs," according to NBC Chicago.
The Village of Lincolnwood has said it will work closely with Nortman and Prairie Ridge founder Brian Pawlik to evaluate the site and identify the "highest and best" uses, while making sure any redevelopment proposal moves through public hearings and the regular village review process, per Village of Lincolnwood.
Eminent Domain And The Legal Backstory
The sale also spares Lincolnwood from a far more contentious route. Village officials had briefly weighed using eminent domain to take control of the fading mall and push a redevelopment on their own, an option that drew attention in September 2025, according to reporting by The Real Deal. With a voluntary transaction now completed, the village gets a seat at the table without the cost, risk, and uncertainty of a forced taking.
What Residents Should Watch
Village leaders say the public will get multiple chances to weigh in as the new owners refine their ideas. Officials expect a structured planning process that will bring forward early concepts and community meetings in the coming months, according to CBS Chicago.
Residents and nearby businesses will likely focus on how much housing is proposed, what that means for traffic and parking, and whether existing anchors like Kohl’s are kept or swapped out as part of a large-format redesign.
In the meantime, the mall is expected to keep operating under its current leases, and any big physical changes will hinge on the timeline for public review and broader market conditions. Hoodline will continue to track the redevelopment, cover village meetings and site plans, and follow how any project shapes Lincolnwood’s tax base and day-to-day life.
