CHICAGO--(BUSINESS WIRE)--Pacific Retail Capital Partners (“PRCP” or the “Company”), one of the nation's premier retail operating groups, and Synergy Construction (“Synergy”), a Chicago-based privately held development and construction firm, are excited to announce that they have broken ground on their transformational redevelopment at Yorktown Center (“Yorktown”) in Lombard, Illinois, a suburb of Chicago. PRCP and Synergy are in the process of demolishing the former Carson’s anchor box, which will serve as the centerpiece of the dynamic, integrated lifestyle hub that they are developing on the 12-acre parcel.
PRCP and Synergy have carefully crafted a strategic vision for the vacant department store that will entail adding housing to address the supply constraints in the area and an open green space for residents and the community to enjoy. The redeveloped site will feature a 1+-acre green space/community park known at The Square that is surrounded by approximately 600 residential units and thousands of square feet of new exterior-facing shops and restaurants. The Square will connect the new development at Yorktown with the center itself, creating a vibrant link between retail and residential life. PRCP and Synergy worked closely with the Village of Lombard to carry out the design and strategy that the Village envisioned for this project.
“We are pleased to have broken ground at Yorktown which will ultimately result in multiple multifamily buildings and The Square, and are deeply appreciative of the support The Village has provided us throughout this process,” said Jonathan Rood, Executive Vice President of Development at Pacific Retail Capital Partners. “Our expertise lies in reimagining our properties as essential, vibrant hubs that serve their communities for decades to come, and redevelopment is core to this vision. Our approach uniquely maximizes the inherent value of our real estate, creating lasting impact for both communities and investors. We believe Yorktown will serve as a model for other mixed-use projects around the country.”
The evolution of Yorktown from a traditional enclosed mall to a vibrant mixed-used destination was a catalyst for attracting several of the high-profile retailers who have already opened or will do so in the coming months. They include upscale specialty grocer The Fresh Market, Tapville Social, Empire Burgers + Brew, Dave & Buster's and Ancho & Agave, among others.
PRCP and Synergy are on track to complete Phase 1 of the project by Summer of 2026, which will include full demolition of the Carson’s space, commencing construction of the residential towers and the opening of the park/green space. The Yorktown redevelopment aligns with PRCP's broader strategy to evolve real estate for the next generation by leveraging its redevelopment expertise and deep relationship with leading construction firms like Synergy to transform retail assets into thriving mixed-use destinations that meet evolving community needs.
Philip Domenico, Principal at Synergy Group, commented, “Malls around the country are increasingly adding residential components to their site plans because the demand for housing is at an all-time high, especially in well-located mixed-use neighborhoods where everything consumers and renters need is within walking distance. Once complete, our Yorktown project is really going to redefine what the live, work and play environment is all about. We envision it becoming the preferred destination in the market for young- and middle-aged adults and retirees to reside because of all it will have to offer.”
About Pacific Retail Capital Partners
Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of large open- air and enclosed shopping centers, with more than $3.0 billion in assets under management across the United States. Based in Southern California, the company’s portfolio totals 25 properties encompassing over 20 million square feet. With a highly experienced team that has a proven track record of generating value to its stakeholders, PRCP is dedicated to evolving real estate for the next generation by working with the communities it serves to design master plans that transform its assets into high-performing mixed-use destinations. The vertically integrated company provides end-to-end sourcing, assessment, underwriting, valuing, developing, marketing, design and asset management services. To learn more visit pacificretail.com or follow on social media at: Facebook: @PacificRetailCapitalPartners and Instagram: @PacificRetail.
About Synergy Construction
Founded in 2009, Synergy Construction is a privately held development and construction firm based in Chicago, IL. Over the past 15 years, Synergy has designed, developed, and constructed 100's of successful projects in Illinois as well as in Florida, Texas, Colorado, Indiana, and Michigan. With over $100 million in annual revenues, Synergy principals are actively engaged with their team of over 50 employees in the daily management of the firm. Projects include the development and construction of over 1,100 market rate luxury multi-family units, single-tenant medical buildings for Oak Street Health and the $74 million tax-credit financed redevelopment of the former Ravenswood Hospital in Chicago into a 193-unit Elderly Independent and Supportive Living Facility.
