Apartment Building in Chicago s Northern Suburb Sold for $71M
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Roadwork will improve access between shopping centers in Vernon Hills
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Anderson s firm, Focus, and the owner of the malls, Dallas-based Centennial Real Estate, aim to replicate the symbiosis that exists in cities and in some suburban downtowns. They re betting the apartments will support retail and restaurants, and vice versa.
At Hawthorn, on the site of a former Sears store, they re creating an integrated package with 311 apartments above 52,000 square feet of ground-floor retail space opening out onto new sidewalks and streets. Focus isn t just plopping an apartment building down on a nearby parking lot.
If it works, the apartments will attract both suburban empty nesters and aging millennials who want to leave the city but maybe not completely.