Brookfield Property REIT Inc., along with partner Ryan Cos. US Inc., is seeking incentives worth $27 million for its more than $250 million plan to redevelop the Northbrook Court mall in Northbrook, Ill., the Chicago Tribune reported, citing village officials.
The amount comprises $21.5 million in tax increment financing and $5.5 million in sales tax rebates, the publication added, citing Village Attorney Steve Elrod.
The redevelopment will involve the demolition of a Macy's store to make way for a 300-unit apartment complex, restaurants, retail and open spaces. The retail portion of the project is projected to cost about $142 million, while the residential space is expected to cost approximately $109 million, Elrod told the publication.
The project will also have to be approved by Northbrook's Plan Commission, according to the report.