- Sterling Organization has listed Golf Mill Town Center for sale, hiring JLL brokers less than a year after obtaining zoning approvals and up to $96M in public financing for a $440M redevelopment plan.
- The 1.1M SF property, built in 1957 and 40% vacant, would be transformed into an open-air mixed-use development featuring apartments, medical offices, hotels, entertainment, and new retail.
- The listing comes amid broader trends of mall redevelopments in the Chicago area, as rising construction and borrowing costs pressure owners to reposition aging retail assets.
Sterling Organization is putting the nearly 80-acre Golf Mill Town Center in Niles, Illinois, on the market, as reported by CoStar. The move comes after winning public support for an ambitious $440M redevelopment plan and securing tax-increment financing incentives.
A Redevelopment Plan Ready To Go
Sterling Organization, which bought the mall in 2014 for $60M, received zoning approval and public incentives, including up to $96M in tax-increment financing, for a major overhaul of the site. The plan reimagines the 1.1M SF center with an open-air layout, adding 300 apartments, medical offices, hotel rooms, new retail, and entertainment venues.
The Details
Despite significant foot traffic — about 4.7M visits annually — Golf Mill Town Center remains 40% vacant. Anchor tenants include Target, LA Fitness, Burlington, Ross Dress for Less, and Gordon Food Service. Built in 1957 and last renovated in 2007, the mall now faces the challenges of high construction and borrowing costs, motivating Sterling to seek a buyer rather than redeveloping the site itself.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
A Trend Gaining Momentum
Golf Mill isn’t alone in facing major changes. Across Chicago’s suburbs, owners are repurposing traditional malls into mixed-use developments. Westfield Old Orchard in Skokie, for instance, has started demolishing old department stores to make room for over 400 apartments and fresh retail options. In Lombard, Yorktown Center’s owner, Pacific Retail Capital Partners, has begun work on a 600-apartment redevelopment of a former Carson’s store.
Why It Matters
The move to list Golf Mill Town Center highlights the broader shift in retail real estate, where aging malls are being reimagined to include housing, healthcare, and community spaces. With public funding already secured, the site offers significant redevelopment upside for a new owner amid growing demand for mixed-use projects.
What’s Next
JLL brokers Danny Finkle, Jorge Portela, Michael Nieder, and Brian Page are marketing the property. While Sterling Organization has not commented on the sale, potential buyers could leverage the approved plans and financing incentives to reposition the site and capture rising suburban demand.
