Rouse Properties Unveils Transformative Redevelopment Plans for Spring Hill in Northwest Chicago
Company Release – 7/07/2015
NEW YORK – July 7, 2015 – Rouse Properties, Inc. (NYSE:RSE) (“Rouse”) today announced a comprehensive project to transform Spring Hill Mall (“Spring Hill”), located in West Dundee, Illinois, into the premier retail, dining and entertainment destination in Northwest Chicago. As part of the redevelopment, which is expected to commence in the fourth quarter 2015, Cinemark Holdings, Inc. (NYSE: CNK) (“Cinemark”), one of the world’s leading motion picture exhibitors, will open an eight-screen, 37,000 square foot state-of-the art theatre featuring the latest customerpreferred technology and amenities. Cinemark is expected to open in Spring 2017. Rouse is pleased to present these plans in conjunction with the support of the Villages of West Dundee and Carpentersville.
Rouse’s plan will focus on creating “one stop shopping” that will combine traditional mall retail with a multidimensional entertainment, dining, and lifestyle component. The redevelopment will significantly improve the aesthetics and competitive position in the market, and include:
- A new entertainment and dining pavilion that will combine high-volume restaurants, destination shopping, and a state-of-the art Cinemark Theatre. A new exterior plaza with seating, landscaping, and other amenities will provide a fresh and sophisticated environment for the Spring Hill customer.
- Cinemark, which will present first run films in 4k crisp digital projection, powerful uncompressed surround sound, as well as custom built amenities and luxurious reclining leather seats.
- A highly visible streetscape including the dramatic reconfiguration of approximately 25,000 square feet of enclosed mall space into outward facing retail, taking advantage of synergies with the new theatre and restaurants.
“We believe applying our highly productive redevelopment formula at Spring Hill will serve as a catalyst for attracting new-to-market, high profile brands and will further strengthen its dominant position in the market” said Andrew Silberfein, President and Chief Executive Officer. “Our game-changing repositioning plans will create a welcoming and engaging venue for the customer whether they are here to shop, to dine or to enjoy an evening out at the movies.”
Located at the intersection of Hwy 72 and 31 in West Dundee, IL, Spring Hill Mall is one of the few indoor regional malls located in the far northwest Chicago suburbs. The 1.2 million square foot, single-level, enclosed shopping center is home to a number of leading retailers including Macy’s, Carson Pirie Scott, Sears, Kohl’s, Victoria’s Secret, and American Eagle Outfitters.
About Rouse Properties
Rouse Properties, Inc. (NYSE:RSE) is a publicly traded real estate investment trust headquartered in New York City and was founded on a legacy of innovation and creativity. Among the country’s largest publicly traded regional mall owners, the Company’s geographically diverse portfolio spans the United States from coast to coast, and includes 35 malls and retail centers in 21 states encompassing approximately 24.1 million square feet. For more information please visit: www.rouseproperties.com.