October 19, 2012
A venture between Chicago-based Morningside Group and Schaumburg-based Crossroads Development Partners LLC has signed a contract to buy a 14.5-acre site in Northbrook where it wants to build apartments and retail. The venture has agreed to buy the property at Skokie Boulevard and Dundee Road from an affiliate of Beal Bank, which repossessed the site last year after another development group defaulted on about $27 million of debt. Morningside and Crossroads plan to build an unspecified number of apartments on the parcel and about 110,000-square-feet of retail space anchored by a Mariano’s grocery store, said Morningside President and Managing Principal David Strossberg. The development venture expects to present its plans to the village of Northbrook within a few weeks.
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