Town Center Redevelopment

 Kensington Development Partners to Acquire, Redevelop Town Center

Kensington has entered into a contract to acquire and redevelop Town Center into a mix-use development that will include retail, restaurants and multi-family residential. 

• Kensington Development Partners is looking to redevelop the 20-acre Town Center property into a new, mixed-use development, to be anchored by retail, restaurants, and multi-family residential.
• Kensington’s total investment and project costs are estimated to exceed $100 million. 
• The project would implement the 2018 Lake Cook Corridor Plan, which prioritizes the redevelopment on Town Center in Stage I.
• Kensington was attracted to the redevelopment project due to the Corriodor Plan’s bold vision and the Village’s willingness to consider a Tax Increment Financing (TIF) district. 
• This redevelopment project is still in its early planning phases. 

• Lake Cook Corridor Market Study and Plan 
• Proposed Lake Cook Road TIF District 

Latest Update
July 16, 2020

Press Release.  View the Press Release announcing Kensington's contract to acquire and redevelop Town Center. 

Upcoming Board Meeting.  The Village Board will consider the Lake Cook Road TIF District at the July 20th Board Meeting. If approved, the Board will also consider an Inducement Resolution with Kensington, which would allow the firm to be reimbursed for TIF-eligible expenses, should a project and redevelopment agreement be approved by the Board at a later date. View the July 20th Village Board Meeting Agenda Packet.