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 property owners SC Main 3800, LLC.
Cooper’s Hawk Winery & Restaurants announced they will be opening at The Quad St. Charles in Summer 2017. The new restaurant building will be located adjacent to the westernmost entrance drive off of Rt. 64/Main St. More information can be found here.
Kohl's has announced that their store at the mall will close in June 2016.
Status of the project:
The Krausz Companies recently provided an update to the City on the 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 and Classic Cinemas will continue to anchor the center. Carson Pirie Scott and Classic Cinemas are both planning renovations.
The project leasing team is working full time with prospective and interested tenants. The outlots have received strong interest.
With respect to the mall building, the Krausz Companies initially explored the potential to renovate the building as a traditional enclosed shopping mall. Based on market potential, they are now exploring options to incorporate a mix of retail, dining, entertainment and residential uses to build on the strength of the existing anchors.
The owners plan to present a revised Concept Plan to the City in the near future.
About the Project:
The developer/property manager is The Krausz Companies, Inc., representing property owners SC Main 3800, LLC. The owners purchased the mall property in November 2013. Both Von Maur and Kohls' own their building pads and buildings.
The proposed plans for The Quad St. Charles include:
- Keeping portions of the mall building, but reducing the size of the building.
- Constructing new entrances to create street-facing front entries into the mall building.
- Renovation of the interior.
- 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 zoning amendments to the Charlestowne Mall Planned Unit Development (PUD) to allow for outlot buildings to be constructed along the Main Street frontage of the property.
Site improvements for the Main Street outlots, which included relocating the mall ring road and utilities for new building pads, was completed in Summer 2015. Plans for buildings on the outlots will be reviewed by the City as each is proposed for development.
Plans and construction documents for modifications to the mall building are under development. The owners expect to submit a Concept Plan for review by the City in the near future. This Concept Plan is expected to include a new overall site layout identifying which parts of the mall building are to be demolished, as well as proposed new land uses around the property.
For more information on the project, please contact the Community & Economic Development Department at (630) 377-4443.