May 3, 2019
Dallas-based Centennial is launching a new placemaking concept with significant redevelopments at two Chicago-area properties: Hawthorn Mall in Vernon Hills, IL and Fox Valley Mall in Aurora/Naperville, IL. The company will convert the two properties’ underutilized center court space into outdoor-themed, multi-use “central park” environments.
“When developers purchase shopping centers built several decades ago and work to redevelop them in more modern and engaging ways, they face significant challenges in increasing traffic and adding new tenants,” said Steven Levin, Centennial’s CEO. “It’s a chicken-and-egg scenario; to increase traffic, you need new retailers, restaurants and entertainment venues. And to attract those new tenants, you need significant foot traffic and strong sales.
“By creating these engaging, never-before-seen energy anchors, we’re enhancing the relevance of these shopping centers as destinations people want to visit and spend time and money in, and as a result, we’re simultaneously solving both challenges,” he continued.
Pictured: Rendering of Fox Valley Mall’s new central court
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