An approximate 8.5-acre site in Lake Forest, Illinois, initially intended for the development of a Whole Foods grocery store, is now planned to be developed into a high-end retail destination.
A joint venture, Pendulum Lake Forest Partners, LLC, consisting of Lake Forest-based Smith Capital Management, Inc. and Middleton Partners, bought the property for $4.2 million, Lake County records show.
The site rests one block from I-94, on the southeast corner of Saunders and Route 60, an ideal location for the type of retail tenants Smith Capital hopes to attract. Those include high-end restaurant and retail brands, spas, and related companies. The developer also believes the site is well-suited for office, hotel, or multifamily users.
Original plans for a Whole Foods grocery store fell through after getting approval from the City of Lake Forest planning commission review board. Instead, a site in Vernon Hills was chosen for the Whole Foods.