ST. CHARLES – City officials will announce the sale of the Charlestowne Mall at a press conference today.
While he would not confirm the sale has occurred, St. Charles Community Development Director Chris Aiston said officials will announce the status of a sales contract at the press conference. Members of the new ownership group will join city officials and mall management will also be there to take questions.
The previous owners defaulted on their debt and went into receivership to a bank that then sought to sell it, Aiston said.
"Thew new owners will be looking to pump energy and finances into the exterior and interior of the building as well as aggressively marketing the spaces," Aiston said. "It's a matter of looking at the property in a different light and addressing the mall's physical properties. Maintenance has been deferred for some time."
The mall opened in 1991 and is anchored by Sears, Von Maur, Kohl's, Carson's and a Classic Cinemas with 18 theaters. Midland Loan Services, Inc, took over the mall in 2006 from original owners Wilmorite, Inc.
When Geneva Commons opened on Randall Road in 2002, some officials worried the new shopping mecca would draw too many customers from Charlestowne. In any case, officials have noted the mall has been struggling for some time, with many vacant stores.
Officials hope all that will change with new blood.
"I think the newness of Randall Road and the available shopping opportunities in the TriCities attracted households west of the Fox River – I think that period has passed," said Aiston, who was Geneva's community development director at the time.
"Randall has now nearly built out and now we have a known playing field," Aiston said. "It's a matter of building a better mousetrap."
The new owners might consider changing the concept of an enclosed regional mall to include a more eclectic mix, more dining, perhaps some entertainment, he said.
Aiston said neither the new owners, nor the city has suggested anything but a partnership for revitalizing the mall as an east gateway to the city.
"As a home-rule community, we have the ability to offer incentives such as reimbursement on sales taxes, but they did not ask for it and we have not suggested it," Aiston said.
The press conference will be held at 11:30 a.m. today on the stage in the center court of the mall.
St. Charles Mayor Don Dewitte did not return a phone message seeking comment.
