Cermak Plaza Phase III will bring iconic shopping center to full occupancy
Berwyn’s redevelopment efforts at Cermak Plaza took additional steps forward on July 22 when Berwyn’s City Council approved a redevelopment agreement for the final phase of redevelopment at the iconic shopping center located at the southeast corner of Cermak Rd & Harlem Ave. The $6M project includes renovating inline space at the far eastside of the center for occupancy by Ross Dress for Less and developing a new outlot to make way for LongHorn Steakhouse. The two new operations are estimated to create 58 FTE jobs and $428,000 in new annual sales and property taxes. Completion of Phase III will reduce the vacancy rate from 11% to less than 1% on the largest retail property in the City of Berwyn – a feat that has not been accomplished in several decades.
Cermak Plaza began its revitalization efforts in 2008 with improvements to the shopping center’s parking lot, which included new pavement, lighting, wind turbines, landscaping, the installation of traffic calming features and relocation of Walgreens into an outlot. Phase II commenced in 2010 and included a façade overhaul along with the demolition and new construction of the space that currently houses anchor tenant Meijer Marketplace. To date, total development costs total more than $22M.
Mayor Robert J. Lovero stated, “With the Plaza nearly fully leased, Berwyn has brought life back to Cermak Plaza, making it an attractive environment for shoppers in the western suburbs.” Anthony Griffin, Executive Director of the Berwyn Development Corporation, continued, “At the completion of the project, Cermak Plaza will have added an additional 7% of space to our community’s most important property, creating economic lift for Berwyn’s economy.”
Additional information on the RDA for Phase III at Cermak Plaza in Berwyn, Illinois can be obtained through the Berwyn Development Corporation at (708) 788-8100.