One of Chicago's Biggest New Shopping Malls May Have a Growth Spurt
Last week Macerich chairman and CEO Arthur Coppola hinted at a future expansion of the Fashion Outlets of Chicago, already one of Chicago's biggest new shopping malls, at 503k SF. Expansion makes perfect sense to Rosemont Mayor Brad Stephens, who revealed the $171M mall helped Rosemont bring in $13.2M in total state sales tax revenue in 2014. Compare that to an average of $5M to $6M in prior years. In fact, those numbers are so strong that Stephens would be willing to demolish and relocate the neighboring 4,400-seat Rosemont Theatre to make way for the expansion, Crain's Chicago Business reports. Meanwhile, rival Simon Properties is starting a $110M expansion of its Chicago Premium Outlets in Aurora to make way for 50 new shops and 2,200 more parking spaces. [CCB]
