Charlestowne Mall opened in 1991 as an approximately 800,000-square-foot, two-level regional shopping mall. Today, the interior mall is closed, with only Von Maur and Classic Cinemas continuing to operate, along with outlot businesses such as Cooper’s Hawk Winery & Restaurant, Chipotle Mexican Grill, and Starbucks.
The City does not own any portion of the property.
Redevelopment has been challenging for several reasons. The mall struggled historically due to limited east-side residential growth, competition from the Randall Road corridor, and lower surrounding population density compared to most Chicagoland retail centers. Since going into receivership in 2005 and being acquired by The Krausz Companies in 2013, multiple redevelopment concepts have been explored but none have advanced.
The site also faces significant physical and financial challenges. Preparing the property for redevelopment could cost $30 million or more due to demolition complexity, utility relocation, stormwater upgrades, grading and retaining walls, roadway improvements, and the need to keep existing tenants operating during redevelopment. Existing legal agreements governing shared parking and access rights further complicate redevelopment. In addition, high interest rates, financing constraints, and the site’s lack of interstate access have made attracting a viable redevelopment project more difficult. In 2025, Krausz hired Frontline Real Estate Partners to market the approximately 72-acre site and attract a qualified development partner. Any future redevelopment would still require a public review and approval process that could take 8–12 months before construction, with redevelopment likely occurring in phases over several years.
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