Willmette-based retail developer Terraco Inc. has finally purchased Logan Square’s Megamall at 2500 N. Milwaukee Ave., reports Dnainfo.com. The mall served the neighborhood for nearly 20 years.
The entire mall will be demolished to make way for a new one, said Terraco’s founder and president Scott Gendell. The demolition process and reconstruction will likely begin next year, he said.
“This should be a feel-good, positive experience for the whole community — with enhancements for the community that’ll make a meaningful difference in peoples’ lives,” Gendell said. “What we’re doing here is [helping] transform Logan Square and give people the amenities and services that this neighborhood deserves.”
The developer will invest more than $100 million to construct the new Logan’s Crossing megamall that will include a fitness center, a grocery store and rental apartments with terraces and a pool deck, depending on residents’ feedback. Gendell indicates that outdoor space and possibly a rare apple orchard on the complex’s northern end are also being planned.
Chicago-based architect Antunovich Associates will design the project, which Terraco hopes to complete by late 2016.
