Yorktown Commons Project Details
Continuum was engaged by KKR & Co. to provide strategic asset guidance on a number of mall assets it had purchased around the country. Continuum assisted with tenant mix guidance, lead key lease discussions where necessary and evaluated the overall real estate for densification opportunities.
Yorktown Center, in the Western suburbs of Chicago, underwent a dramatic make-over spanning both $23M in architectural/cosmetic improvements and a host of new retailers and restaurant tenants. Recognizing the strength of this amenity rich environment, Continuum developed a vision to create a new dynamic walkable-livable community. Utilizing vacant parcels and an adjacent under-performing strip center, Continuum developed a master plan in conjunction with the Village of Lombard.
Continuum partnered with the Village of Lombard to modify the Village Building Code to permit Type V and Type III wood-framed construction for multifamily buildings over three stories. Additionally a PUD was developed with the Village that created entitlement for 900 residential units. As part of the entitlement process it was important to Continuum and the Village that connectivity and accessibility to the mall, local bus transit lines, bikeways and pedestrian walkways were developed. The master plan improved the existing streetscape; adding sidewalks, benches, lighting, landscaping and common green space. The resulting PUD created a design that maximized the accessibility to Yorktown Center as well as to the various multi-modal transportation options serving the community. It truly created a new walkable neighborhood that did not previously exist in the western Chicago suburb.
As part of the master plan, Continuum agreed to build new municipality sanitary infrastructure that created development expansion opportunities for the Village at large. Additionally, Continuum worked with the Village of Lombard to develop a TIF Redevelopment Plan which established the Butterfield-Yorktown TIF District. The TIF District will benefit future development because it allows for infrastructure, environmental remediation, LEED initiative and other public works improvements to be funded by the tax increment financing district. This Public-Private initiative has already led to the construction of 295 market rate units and 175 active adult units by Greystar which are planned to open in early 2019.
Continuum just went to market with a third parcel which can accommodate up to another 500 residential units.