Following years of financial turmoil and store closings, lonstranding Lincolnwood Town Center Mall in the north suburbs has been sold to a local developer, a press release from the Village of Lincolnwood announced, with the site expected to be “re-imagined.”
“Lincolnwood Town Center has long been an important part of the community, and we believe it has the potential to evolve into a destination that better reflects today’s needs while creating long term value for residents, businesses, and the Village as a whole,” said Xroads Real Estate Advisors principal Michael Nortman in a press release announcing the sale.
According to the release, Nortman’s Northbrook-based real estate firm will manage the property while the plan for the site is redeveloped “over the next several months” by Prairie Ridge Development.
The well-known mall, at the intersection of Touhy Avenue and McCormick Boulevard, has been an iconic, indoor shopping destination for decades. But in recent years, the 31-acre property faced declining occupancies, deferred maintenance and major anchors, like Carson’s, closing.
It has also been put up for sale several times, with the mall’s most recent owner filing for bankruptcy protection. And in Sept. of 2025, the Village of Lincolnwood said was exploring the possibility of eminent domain to take over the property and transform it.
“Redevelopment of the Lincolnwood Town Center mall property has been a focus of the Village Board and Staff for several years,” Lincolnwood Mayor Jesal Patel said in the release. “We are excited for this next step of redevelopment, and we stand ready to offer assistance to ensure for a successful project.”
Efforts to redevelop the site began by the village and previous owners in 2021, Patel said, with the Lincolnwood Town Center Concept Plan, laying out a number of mixed-use scenarios, including retail, residential, entertainment, commercial offices and more.
The village did not reveal more details about what site could look like under the new deal, only saying officials plan to work with the firms “to understand the site and determine the highest and best uses.”
According to officials, the deal closed in December of 2025.
“With a new property owner, the Village anticipates a series of improvements to the Lincolnwood Town Center property in the future,” the village’s website dedicated to the redevelopment said. “While the Village has not received any specific development plans, this webpage intends to provide interested parties with background information and updates regarding the Lincolnwood Town Center (LTC) property.”
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