MT. VERNON AND EVERGREEN PARK, ILL. — Northbrook, Ill.-based Pine Tree Commercial Realty is in the process of redeveloping one retail center and constructing another in Illinois. In partnership with The Sansone Group and Wanxiang America Corp., the company is redeveloping the Times Square Mall at 42nd and Broadway streets in Mt. Vernon with a targeted completion date of late spring. The 281,000-square-foot mall is anchored by JC Penney, Hobby Lobby, Ross Dress for Less and Big Lots. Associated Bank provided $12.8 million in construction financing, which was arranged by Bill Barry of Draper & Kramer. In Evergreen Park, Pine Tree and Inland Real Estate Corp. have joined with lead developer Chicago-based IBT Group to develop Evergreen Promenade, a 92,512-square-foot shopping center. Located west of Western Avenue along 95th Street, the property will be anchored by Mariano’s Fresh Market and Petsmart. Construction is slated for completion late summer of this year. PNC Bank is providing construction financing for the project.
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