It's official: Logan Square's Mega Mall has been sold. Last week Columbia College's student newspaper, the Columbia Chronicle, reported that the property was under contract, and yesterday DNAinfo confirmed that the sale had officially gone through earlier this week. The large indoor flea market sits on a 2.55 acre site near the center of the rapidly gentrifying Logan Square neighborhood, making it prime real estate for redevelopment. The property had been listed for sale for quite a while, but in June commercial developer Terraco Development & Management expressed interest in the site. All was quiet at the Mega Mall for several weeks until a redevelopment proposal for the property was spotted on brokerage firm Sierra U.S.'s website. Complete with renderings, the proposal called for 166,000 square feet of retail space and 426 total parking spaces. However, new reports state that the developer may be interested in adding a residential component to the mix.
Logan Square residents have been longing for a specialty grocery store for some time now, and although a Trader Joe's won't be coming to the old Mega Mall site, some type of grocer certainly will. The developer and Alderman Scott Waguespack both agree that a grocery store should be one of the anchors of the $100 million redevelopment of the site. According to the proposal Terraco has been floating to possible retail tenants, 40,550 square feet of space would be reserved for a potential grocery store, and 45,000 square feet would be set aside for a fitness center.
The plan is still in the very early stages however, and now, the developer has expressed interest including apartments to the redevelopment. According to DNAinfo, confidentiality agreements are in effect for at least one plan, however, Terraco has confirmed that the entire existing structure would be demolished - perhaps as early as next year. It's still unknown if the total amount of the retail space and number of parking spaces will change if residential units are added.
A community input process will take place in the lead up to a zoning application, and surely Logan Square residents will have a lot to say about the changes coming their way.
·Megamall Officially Sold: Apartments, Grocery Store Part of $100M Plan [DNAinfo]
·Behold, the Redevelopment Plan for Logan Square's Mega Mall [Curbed Chicago]
·Redevelopment of Logan Square's Mega Mall May Be Imminent [Curbed Chicago]