S
everal Chicagoland malls have changed hands recently, with some being taken over by local governments. At least five are undergoing redevelopment or renovation. The Charlestowne Mall in St. Charles is one example.

    The Village of Bloomingdale spent $17 million to acquire the Stratford Square Mall, planning to transform it into a mixed-use development called The Grove. Renderings show a 275-acre site with apartments, retail and commercial space, lakeside restaurants, and an oval-shaped lawn for concerts.

    In Dundee, the Village of West Dundee purchased the Spring Hill Mall from New York-based Kohan Retail Investment for $7 million after buying pieces of the property over time. Specific plans for the site have not been determined.

    The North Riverside Park Mall received a $8 million infusion for renovations in February after narrowly avoiding foreclosure. However, trouble may be ahead as the loan's extension ends on October 6 and Feil is engaging in "short-term forbearance discussions."

    In Chicago Ridge, Florida-based Second Horizon Capital bought the Chicago Ridge Mall from Starwood after it defaulted on an $80 million loan. The firm secured a 41,000-square-foot lease with Burlington Coat Factory, hoping to revitalize the struggling mall.

    The Arboretum of South Barrington was also taken over by local real estate investor Rick Heidner after Starwood defaulted on a $67 million loan. Heidner plans to further develop the asset and sees it as a "flagship property."