Story posted Friday, June 19, 2009
Randhurst Plans Progressing
By RICHARD MAYER Assistant Managing Editor
"Millions of dollars" have already been expended into redevelopment of Randhurst Shopping Center, trustees were told at Tuesday's Mt. Prospect Village Board meeting.
Brett Hutchens, vice president of Casto Lifestyle Properties and James Conroy, director of development for Casto presented trustees with an update on the redevelopment project.
"Some issues we did not originally anticipate was delays with Carson's that set us back three or four months; and delays with the AMC movie theatre that set us back another 3-4 months," Hutchens said.
As first reported in the Journal & Topics Newspapers two weeks ago, the new $25 million Randhurst Village lifestyle center will not open until early spring 2011, a year later than originally anticipated.
AMC's new movie theatre, which will be located on the east side of the Randhurst property, will the "first of its kind throughout the entire world," according to Hutchens.
Uncertain construction schedules and a slow economy have also contributed to setbacks, trustees were told.
"Retailers are trying to figure out how to function in the next several months," said Hutchens. "By the third and fourth quarter this year, and definitely by next spring, the retail market will be coming back in full force."
Conroy confirmed months ago that Sports Authority will open in the new lifestyle center. Hutchens said Tuesday retailers Victoria's Secret and Bath and Body Works will also be part of the center. Conroy also confirmed that Hampton Inn will open as the center's 120-room hotel, which will feature a pool on the first floor.
"Randhurst will happen," Hutchens emphasized. "People will start to believe it when they can actually see demolition. We feel good where we are at regarding leasing."
Financing has also been an obstacle for Hutchens, he said.
"In my 35-40 years, without question, this is the most difficulty I've seen in the financing market," Hutchens said. "I am very confident, though, we will complete the financing for this project. This by far is the most positive project we currently have in our portfolio."
"We are grateful and fortunate that Randhurst is going forward," said Mayor Irvana Wilks.
Interior demolition of the mall is complete as well as asbestos abatement work.
"We spent $800,000 for abating the asbestos," said Conroy.
Conroy informed trustees there were two recent "milestones" at the former indoor mall.
The first was that two new HVAC systems recently installed on top of Carson Pirie Scott have been switched on.
The other "milestone" was that a new electrical transformer was installed for Carson's, giving the retail store its own electric service.
Conroy said within six weeks (mid-July) exterior demolition on the old mall will begin.
Transformation of an outlot on the Randhurst property is also in full swing. Conroy said the interior of the vacant Egg Factory restaurant building has been completely gutted and stripped.
Moving into the site will be Five Guys Burger and Fries, Chipotle restaurant and a T-Mobile phone shop. Another retail store is expected to occupy the remaining space, but it has not yet been determined what that will be.
"There will be a lot more glass and storefront," Conroy said.
Conroy said crews should be finished with construction by late August at which time the individual businesses can move in and complete their buildouts. He said it should take about four weeks to complete and those businesses will most likely begin operating by the end of September or early October.
"Sounds like the way this project is moving is a smart way," said Trustee Paul Hoefert. "This could work out extraordinarily well."
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