Charlestowne Mall - The Quad St. Charles
The Charlestowne Mall is planned to be relaunched as "The Quad St. Charles". The developer/property manager is The Krausz Companies, Inc., representing new property owners SC Main 3800, LLC.
Current status of the project:
The Krausz Companies have advised the City that they remain fully committed to the redevelopment of The Quad. Von Maur, Carson Pirie Scott, Kohl’s and Classic Cinemas will continue to anchor the center. Additionally, Krausz Companies have partnered with the MG Herring Group and Tricom Real Estate Group to strengthen the development and leasing team. The leasing team is working full time with prospective and interested tenants for the mall.
The Krausz Companies have hired a local Mid America Real Estate Group team to assist with efforts to market and lease the outlots. The outlots have received strong interest.
The Krausz Companies are waiting to begin construction activity on the reconfiguration of the interior of the mall building until they have confirmed lease agreements with new tenants. These internal modifications will be based on the locations of future mall tenants and plans cannot be finalized until these leases are finalized.
About the Project:
The proposed plans for The Quad St. Charles include:
- Keeping the building as an enclosed shopping mall.
- Constructing new entrances to create street-facing front entrys into the mall building.
- Reconfiguring the interior and exterior areas around the former Sears store.
- Complete renovation of the interior, including the center court.
- Removing the food court wing of the mall.
- Creating new retail/commercial buildings around the mall, including outlot buildings along Main Street (Illinois Route 64).
- No changes to the detention basins or landscaping along the north property line of the mall.
The City's role in the Project:
The mall property is privately owned. The City has been in communication with the owners and has helped to facilitate zoning and building approvals in support of the owner’s efforts.
The City is not providing any financial assistance for the construction of the project. All improvements made at the site thus far (including the work to relocate the ring road) were completed by the property owner.
The City has agreed to share a portion of future sales taxes with the property owner. Specifically, any sales tax generated above the amount the City received from the mall in 2013 will be split, 50/50, with the owner.
(For example: If the mall generated $500,000 in sales taxes in year 2013, the City will not share any sales tax with the developer until total sales taxes generated by the property exceeds that $500,000. Should the mall produce $750,000 in a future year, the City would split the difference between $750,000 and $500,000 ($250,000) with the developer. The $250,000 would be split 50/50 with $125,000 remaining in the City’s coffers and $125,000 being reimbursed to the property owner.)
Statements regarding a “$20 million financial incentive” are referring to the cap on the sales tax sharing arrangement. To date, no new sales taxes have been generated, and therefore no sales tax revenue has been shared with the owner.
Approval Process and Construction Status:
In 2013, the City approved amendments to the Charlestowne Mall Planned Unit Development (PUD) to change the zoning requirements for the site. The City also approved a Conceptual Site Plan to demonstrate the design intent of the project.
Plans for Phase 1, which included relocating the ring road and site utility work to create new building outlots along Main St., were approved in 2014. Construction of site improvements for Phase 1 was completed in Summer 2015. Plans for buildings on the new outlots will be reviewed as each is proposed for development.
Plans and construction documents for Phase 2 of the project, which includes renovation of the existing mall building, are under development by the project architect. Once future tenant locations are finalized, the architect will be able to finalize construction plans to submit to the City for review.
Additionally, the theater is working on plans for an extensive remodeling.
For more information on the project, please contact the Community & Economic Development Department at (630) 377-4443.