Brookfield Properties wants $27 million in incentives for its planned $250 million overhaul of the Northbrook Court shopping center.
The owner of the north suburban mall has proposed using $21.5 million in tax increment financing for the project, and wants the village to rebate $5.5 million in sales taxes, according to the Northbrook Star.
Brookfield and developer Ryan Companies want to tear down the mall’s Macy’s store and replace it with 300 apartments, a grocery store, a food hall, new retail, a plaza for special events and more.
While village officials have yet to officially approve the incentives package, several voiced support at a recent meeting, saying the mall’s role as the anchor of the village’s tax base warrants some incentives.
Changes at Northbrook Court have been in the works since January 2017, when then-owner GGP talked about renovating the mall to include fewer anchors and more non-traditional uses.
Macy’s sold its space at the mall for $25 million in January 2018 to GGP, which was bought out by Brookfield in July for $15 billion.
The Northbrook Court proposal follows a blueprint Brookfield laid out earlier this year to repurpose poorly performing malls by adding housing, office space or hotels.
[Northbrook Star] — John O’BrienRecommend0 recommendationsPublished in