A copy of the developer’s planned presentation to the village council next week shows renderings of the old Carson building substantially renovated and clad in bright purple to align with the Wayfair branding. The building will be “a new kind of shopping experience powered by the Wayfair platform that invites its customers to engage with the brands they know and love in an innovative format,” the presentation reads.
WS also plans to renovate the exterior of the property’s other commercial buildings, which total approximately 183,000 square feet combined, and add new landscaping instead.
A spokesperson for Newport Capital Partners declined to comment on the deal. Newport acquired the property in two separate transactions in late 2018 and early 2019. Newport first paid almost $ 72 million in December 2018 for everything on the property except the Carson store. , by buying it from a Chicago-based real estate company controlled by former executives of now-defunct developer Joseph Freed. Freed previously owned the property, which was originally built in the 1950s with the Carson Pirie Scott store.
Newport bought the Caron department store in March 2019 for $ 14 million from a joint venture that owned the assets of Carson’s former parent company, Bon-Ton Stores, which was liquidating the retailer’s assets.
Edens Plaza would be Illinois’ first acquisition for WS Development, which was formed in 1990 and has 20 million square feet of properties in its portfolio nationwide, according to the release and the company’s website.
“Filling in this strategic space has been a long-standing economic development priority of the Village Council, and we are delighted that WS Development and Wayfair are helping reinvigorate Edens Plaza,” Wilmette Village President Senta Plunkett said in the statement. .
WS Development’s plan is subject to approval by the Wilmette Village Board of Directors and will likely require further village committee approvals, according to a village spokesperson.
Wayfair, which is publicly traded, began operating pop-up stores in 2018 and announced last month that it would open brand-specific physical stores in 2022, including larger format stores for the Wayfair brand. -same.
Here are more renderings from the planned Wayfair store: