HIGHLAND PARK – Renaissance Place at 1849 Green Bay Road in downtown Highland Park is under new ownership. Dallas-based Tabani Group purchased Renaissance Place on February 17, 2017 with plans to revitalize the property. Founded in 1981 by Zaffar Tabani, the company is a full-service commercial real estate company with a portfolio valued at over $1 billion, with more than 10 million square feet of real estate nationwide including the Glen Town Center in Glenview. The Tabani Group manager of acquisitions and development is a Glencoe native with an office in nearby Lincolnwood.
Built in 2000, Renaissance Place contains a mix of retail space, offices, and apartments totaling 221,789 square feet. It also contains a movie theater and an underground garage. At the time of the listing, the retail and office space in the mall separate from the space formerly occupied by Saks, was 90 percent leased, and the 32 one- and two-bedroom apartments were 96 percent leased. Existing tenants include Alixandria Collection, Jos A Bank, Pottery Barn, Williams Sonoma, Starbucks, and others. Tabani plans to reposition the property via multiple improvements, including possible zoning and building changes at the former Saks site for commercial and/or residential use.
“The 48,000-square-foot, two-story space formerly occupied by Saks represents an exciting repositioning opportunity for the Tabani Group,” said Business Development Manager Carolyn Hersch. “The mayor, council and city staff have met with the Tabani Group to discuss the city’s master plan and potential opportunities to revitalize the site.”
“We are thrilled to have purchased Renaissance Place and look forward to offering the Highland Park community new opportunities to shop, dine and play,” said Zeshan Tabani.
Tabani Group has applied to amend the underlying planned unit development that limits land uses in most commercial tenant spaces to “Retail.” The owner is requesting to broaden the definition of “Retail” to include all the land uses currently permitted on the ground floor of other commercial buildings in the Central Business zoning district. This may include uses such as personal training facilities and Pilates or yoga studios. These uses are currently permitted in areas within Highland Park’s downtown. A public hearing took place on April 5, 2017, at the Plan and Design Commission meeting to discuss this request. The City Council approved an ordinance granting the amendment to the Renaissance Place Planned Development at the May 8, 2017 City Council Meeting.
The City’s Business Development team will coordinate with the property owner to assist in marketing and attracting viable uses to the property.
Submitted by the City of Highland Park