A developer who plans to raze the majority of the Charlestowne shopping center in St. Charles to make way for apartments and townhouses is concerned that a similar proposal planned nearby could thwart the project.
“We were completely taken by surprise by the Springs project,” Manny Kianicky, of SR Jacobson Development Corporation, told the plan’s commissioners on Tuesday. “Putting so many units in one area at the same time is extremely alarming. It might prevent us from moving forward, to be perfectly honest with you. “
Kianicky is concerned about plans by Wisconsin-based Continental Properties to build a 27-acre apartment community on the north side of Smith Road in Pheasant Trail, known as the Petkus property, as part of the Springs at Smith project. Road. The property is located in the unincorporated Wayne Township and St. Charles may annex the property under the terms of the boundary agreement between West Chicago and St. Charles.
The proposal includes 340 units in 17 two-storey buildings. This would include 34 studios, 136 one-bedroom units, 136 two-bedroom units and 34 three-bedroom units.
Charlestowne Mall opened in 1991 and is now largely vacant. The partnership of SR Jacobson Development Corporation and Lormax Stern Development Company LLC. have entered into a purchase agreement for the former Charlestowne Shopping Center property with the current owners The Krausz Companies, Inc.
In December 2017, Krausz Companies Inc. closed the indoor stores and confined space of the mall in the center. Anchors Von Maur and Classic Cinemas Charlestowne 18 remain in the mall.
Plans are to keep the classic cinemas and Von Maur and demolish the other buildings in the mall. In their place, 324 garden apartments in nine three-story buildings would be built in the eastern part of the site, as well as 208 rental row houses in the northern part of the site.
The proposal also provides for a new 40,000 square foot commercial development along Main Street as well as the development of a hotel complex to accommodate a 135-room hotel. Kianicky said a recently commissioned market research shows “there is no room for both of us.”
“What we basically said to the city is that you have to make a choice,” he said. “I don’t think there is any configuration of apartments or townhouses that we can do that is different enough that there is room for all of us at the same time. We are all going to fight for it. the same customers. “
The proposed redevelopment is estimated to be at least $ 25 million. To fund the project, the developers plan to use tax increase funding. But they have not yet submitted a formal request for TIF to the city.
Once a municipality creates a TIF district, its property assessment is frozen and new or increased taxes generated by the improvements are used to pay for the improvements or other development incentives.
“Keeping Von Maur and the classic cinemas open during the redevelopment is also important,” Kianicky told the plan’s commissioners. “It will be a challenge. We are working with both to find the best way to achieve this.”
The Cooper’s Hawk Winery & Restaurant and Starbucks / Verizon buildings near the mall would be retained.