Failed Center of the North Shore Site Could See Buyer This Summer

A buyer could emerge this summer for a 14-acre foreclosed property at the Dundee Road and Skokie Boulevard, once planned as the site of a mixed-use development whose partners were charged with federal mortgage fraud. 

At least 12 developers have contacted the village about the property in the past few months, according to Tom Poupard, director of development and planning services. 

“We actually decided we were getting so many calls that we put something on the [village] web site just to try and give everybody the same information,” Poupard said.

The site fell into foreclosure in 2008 when developers couldn’t come up with the money for debts on a planned 517,000-square-foot mixed-use development called the Center of the North Shore. Last June, , alleging that they repeatedly took out fraudulent loans on three Northbrook homes to make interest payments on a $26.2-million loan to finance the development.

The three partners are now out on bail while the case works its way through federal court, according to Randall Samborn, a spokesperson for the Department of Justice.

Dallas-based Beal Bank , and later contracted with Colliers International as broker. On May 1, Colliers released an offering memorandum for sale of the site, officially seeking bids on the property. Those bids are due by June 8, according to Poupard.

While Poupard couldn’t give specifics about anyone who had contacted the village, he said that inquiries included developers who specialize in shopping centers and developers who specialize in apartment buildings, among others. 

The site is zoned for office and restaurant use, with some residential or hotel use allowed by special permit, which requires village board approval. Poupard said that the board of trustees was open-minded about what might fill the site—“within reason.” 

“When back in December of 2010, it was important that whatever goes in there be something that really is sustainable,” Poupard said.

Located just off the Dundee Road exit from the Edens Expressway, the site is a "gateway" to the community--and should be developed as such, according to the comprehensive plan.