New development is a joint venture between Pacific Retail Capital Partners and Synergy Construction
FOR IMMEDIATE RELEASE (CHICAGO, IL – SEPTEMBER 27, 2022) Pacific Retail Capital Partners (PRCP), one of the nation’s leading retail developers and operating groups of large open- air and enclosed shopping centers, and Synergy Construction, a development and construction firm, announced today the acquisition and redevelopment of the former Carson’s anchor store at Yorktown Center in Lombard, IL.
The 12-acre property, located at 230 Yorktown Center, will be c0-developed by PRCP and Synergy, with new luxury multi-family buildings, a 3+ acre park area that will be used as a communal outdoor environment and newly energized dining and retail offerings. Construction on the two-phase project is anticipated to begin in Spring 2023 with an estimated completion of phase 1 in Spring, 2025 subject to final planning review by the Village of Lombard.
“As department store buildings around the country become obsolete, communities look to companies like Synergy and Pacific Retail for the next vision for retail malls,” said Phil Domenico, Principal, Synergy Construction. “With Synergy and PRCP’s acquisition of the former Carson’s building at Yorktown Center in Lombard, the joint venture is positioned to set forth a truly transformative mixed-use project, that will become a template for other malls around the country.”
Originally opened as the largest shopping center in America in 1968, Yorktown Center had as one of its anchors, Carson Pirie Scott, who enjoyed a 50-year run as a prominent department store in Lombard before closing its doors in 2018. Pacific Retail has owned the property since 2012 and has been able to rebalance the asset systematically by implementing a thorough renovation of the interior of the mall, targeted leasing upgrades, master planning and adding a residential community to Yorktown Center, including a portion of the center that was rezoned by PRCP for residential and sold off in 2018 to develop over 500 units, Elan, and Overture.
“This project marks the next evolution in our strategic masterplan and vision for Yorktown Center. We saw the closure of Carson’s as a unique opportunity for further redevelopment of the property in that it offers a vast space that is prime for creative re-imagination,” said Steve Plenge, CEO, Pacific Retail Capital Partners. “We are in the business of transforming shopping malls. We believe we can add a vibrant mix of uses to create further densification to a site where people will want to live, shop, dine and be entertained. This development is a needed investment that ensures the viability of the shopping center and will enhance the local community for generations to come.”
Phase 1 of the project includes the demolition of the former Carson’s building, construction of a multi-family residential building, the creation of a large park area that will be a communal outdoor space, as well as peripheral building modifications to the shopping center that will create a seamless connection to the residential units.
“When Carson’s closed, we knew we needed to explore different opportunities to redevelop the space to the highest and best use,” said Jonathan Rood, executive vice president of development, PRCP. “With the addition of residential buildings and the ability to activate the green space, we are able to add a number of new restaurant concepts and retailers to this dynamic redevelopment.”
ABOUT SYNERGY CONSTRUCTION
Founded in 2009, Synergy Construction is a privately held development and construction firm based in Chicago, IL. Over the past 14 years, Synergy has designed, developed, and constructed 100’s of successful projects in Illinois as well as in Florida, Texas, Colorado, Indiana, and Michigan. With over $100 million in annual revenues, Synergy principals are actively engaged with their team of over 50 employees in the daily management of the firm. Projects include the development and construction of over 1,100 market rate luxury muti-family units, single-tenant medical buildings for Oak Street Health and the $74 million tax-credit financed redevelopment of the former Ravenswood Hospital in Chicago into a 193-unit Elderly Independent and Supportive Living Facility.
ABOUT PACIFIC RETAIL CAPITAL PARTNERS
Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of large open- air and enclosed shopping centers, with more than $3.0 billion in retail assets presently under management in the United States. Based in Southern California, PRCP provides end-to-end sourcing, assessment, underwriting, valuing, developing, and asset management of retail real estate with a proven track record of repositioning properties.
PRCP strategically manages over 20+ million square feet of retail destinations. The executive team has over 225 years of collective real estate expertise in leasing, marketing, operations, design, development, management, investment, and finance. With a keen focus on enhancing the value and quality of its growing portfolio, PRCP is dedicated to creating a unique, strategic vision for each property and exceeding the highest expectations of retail investors, retailers, and consumers.
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