The Mayor and Board of Trustees of the Village of Niles are delighted to announce the approval of a “term sheet” with Golf Mill’s owner/developer Sterling Organization—a document that outlines tentative details of the anticipated $440 million Golf Mill Town Center redevelopment ahead of a formal redevelopment agreement. The term sheet was approved at the Village Board’s September 26 regular meeting.
“We’ve worked hard to reach this exciting step in the redevelopment of Golf Mill,” said Niles Mayor George D. Alpogianis. “After two years of negotiations and meetings, the approval of the term sheet and the anticipated redevelopment of Golf Mill is a historic day in Niles’ 124-year history, and will redefine Niles for many years to come.”
The Sterling Organization plans to transform Golf Mill into a master-planned, mixed-use development featuring retail, restaurant, hotel, medical office, residential, and entertainment uses. They plan to invest over $440 million into the property. The Village will schedule an “open house” meeting at the mall in the future to allow residents to review the Golf Mill Town Center redevelopment plans with Sterling Organization representatives and Village staff. The Sterling Organization envisions a pedestrian-friendly environment with a public plaza and event space, with restaurants clustered around a water feature, including bringing back the iconic Golf Mill water wheel. The design will provide a central gathering place with a pedestrian connection connecting the public plaza with Golf Mill Park. The plan’s new retail stores, restaurants, luxury apartments, hotel, and medical office space will all be interconnected into an attractive and cohesive mixed-use environment.
The Village plans to enter into a public-private partnership with the Sterling Organization to provide $96 million in pay-as-you-go tax increment financing (TIF) to the developer to facilitate this $440 million redevelopment of Golf Mill Mall. The developer will be reimbursed over the life of the Milwaukee-Dempster TIF District (scheduled to expire in 2041) for their TIF-eligible expenses as they complete the project in phases. The Sterling Organization is only reimbursed for phases that they complete and only based upon the tax increment they create. The voters of Niles approved a 2022 referendum supporting the use of economic development policies to redevelop Golf Mill, with over 73% of voters voting in favor of the referendum.
Mayor George D. Alpogianis stated, “The $440-million Golf Mill Town Center redevelopment will follow other historic projects in Niles like the original Golf Mill Mall, Village Crossing Shopping Center, Pointe Plaza, and Civic Center Plaza. The Golf Mill Town Center redevelopment is a catalyst for a renaissance of the mall and surrounding businesses along the Golf Road, Milwaukee Avenue and Greenwood Avenue commercial corridors. Collectively, the Village Board and I have a bold vision for the property and believe this partnership with the Sterling Organization will revitalize Golf Mill and transform the property into a vibrant, pedestrian-friendly attraction that our residents can be proud of in Niles.”
Brian Kosoy, CEO of the Sterling Organization based in Palm Beach, Florida stated, “Sterling Organization is very excited to play a role in this transformational project. We are grateful to the Mayor, Village Trustees, and Village staff for their efforts in creating this mutually beneficial partnership with the Village, which will allow us to redevelop Golf Mill into a mixed-use destination that will make the Niles community proud.”
Attached: Early artist’s renderings of potential redevelopment at Golf Mill.
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