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Local Business

First glimpse of Charlestowne Mall plans expected Monday

ST. CHARLES – Those who want to know what Charlestowne Mall could look like under the pending new ownership will get their chance Monday.

San Francisco-based The Krausz Companies Inc. is expected to present concept plans for the redevelopment and re-launch of the mall during the 7 p.m. Planning and Development Committee meeting.

The Krausz Companies is part of the ownership and redevelopment team seeking to buy the mall, at 3800 E. Main St., St. Charles, said Neil Johnson of Sperry Van Ness/Landmark Commercial Real Estate, which represents the seller and buyer on the sale that is under contract.

Johnson said a closing date has not yet been scheduled, but the new ownership is starting the process to get some changes approved with the city.

The conceptual plans show the developer's intention and are subject to change, he said.

Mayor Ray Rogina said he is optimistic and happy that the potential buyers are going through this first stage of introducing themselves and their intentions to the community.

"We'll have to see how it plays itself out," he said.

City Administrator Mark Koenen, who has seen the concept plans, said a rejuvenation of Charlestowne Mall is a good signal for East Main Street.

"The mall as it stands today was constructed in 1989-1990. It needs to be updated," he said. "It's been 20-plus years. To update it to 2013-14 standards is exciting, and I think it's a sign the revisions will make a difference."

An agenda document for Monday's meeting indicated the presentation is for information only. Approval of a project will require a public hearing before the Plan Commission in October, it stated, noting the formal review process will provide ample opportunity for review and comment from Planning and Development Committee members and the public.

The Krausz Companies' website indicated it specializes in the acquisition, development and management of high quality, well-located properties – including retail – throughout the country.

Its properties include Puente Hills Mall in City of Industry, Calif. At the time of acquisition, the mall had an occupancy of less than 50 percent.
After redevelopment, the mall increased occupancy to more than 90 percent and regained its status as a leading retail and entertainment destination, The Krausz Companies reported.

Mark Goodman – a representative of SC 3800 Main LLC, which is part of the new Charlestowne Mall ownership team – has said they plan to do a lot to Charlestowne, which they intend to keep a mall.

If you go
What: St. Charles Planning and Development Committee meeting
When: 7 p.m. Monday
Where: City Council Chambers, 2 E. Main St., St. Charles

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