Niles Village Board Approves $440M for Golf Mill

The Chicago Tribune is reporting that the Niles Village Board on Sept. 26 approved a non-binding agreement with a developer for a $440 million project to redevelop Golf Mill Shopping Center. If both parties sign a formal agreement in the coming months, construction could start early next year, according to Niles officials.

The tentative plans for the first phase of the renovations at Golf Mill call for demolishing most of the mall’s interior spaces as well as the professional building, then constructing a 300-unit luxury apartment building, high-end stores and restaurants situated around a water feature (such as a pond), according to Niles Economic Development Director John Melaniphy.

The water feature would have a replica of Golf Mill’s original water wheel.

According to the Tribune article, Village Manager Joe La Margo said "the residential building will have mostly one-bedroom and two-bedroom apartments and would likely attract couples or individuals with potential rooftop amenities or a pool."

Funding for the redevelopment would come in part from a $96 million “pay-as-you-go” tax increment financing plan, as outlined in the non-binding agreement approved by the village board.