Charlestowne Mall Under Contract for Sale

The California-based investors group that owns Charlestowne Mall has entered into a contract to sell the declining retail center, according to the Kane County Chronicle.

The move is likely to please many local officials and inspire hope for revitalization on St. Charles’ East Side.

The Chronicle’s story by Ashley Sloboda cites Sperry Van Ness, the real estate firm in charge of recruiting tenants at the mall,  the company that recruits tenants for the mall, as confirming a sales contract has been drawn up, although no closing date or redevelopment schedule has been set yet.

The sale of the mall has been viewed as critical to the city’s economic recovery, particularly in the East Gateway area by the mall. The perceived neglect of the mall property by its owners, and the view that its sale was key to its revitalization, became a key issue in the spring mayoral election.

The mall has been under scrutiny by city officials for some time and was the subject of a “visioning meeting” about a year ago as part of the process for drawing up the city’s new Comprehensive Plan. During that session, residents who attended were asked to consider possible future scenarios for the mall property — with options ranging from improvements to the facility to a complete redevelopment of the site.

Mayor Ray Rogina told the Chronicle he welcomes the sale of the mall.

“It’s a huge economic driver for us on the East Side,” Rogina told the Chronicle. “The residents have waited a long time to see something developed.”

• For more details, read the Chronicle’s full story.