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OAK CREEK PLAZA

Pre-Development Services, Feasibility, Market Engagement

CLIENT: THRIVENT

CITY:      MUNDELEIN, IL
SIZE:      33 ACRES, 170 HOMES

CHALLENGE:

Cushman & Wakefield was hired to dispose of a failed shopping center that was acquired by the lender through foreclosure. 180,000 square feet of structures were vacant and the property was encumbered with reciprocal operating and easement agreements that restricted development.

APPROACH:

• Performed an in depth market study to support prospective developments.
• Identified the highest and best use for the property.
• Analyzed the development revenue potential.
• Created site development alternatives.

• Worked with City staff to gain support for medium-density development.

• Determined the most qualified developers to submit proposals.

• Identified developers with the most ambitious ideas and the ability to pay the highest price.

• Worked with stakeholders to renegotiate reciprocal easement and operating agreements.

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