Bolingbrook Promenade, a decades-old, open-air shopping center in the southwest suburbs, is set to be "transformed," with the updated center soon to offer a "refreshed mix" of retail, service and restaurants, according to an announcement from Chicago-based firm Brookline Real Estate.
The "new vision" of the Bolingbrook Promenade will be led by commercial real estate firm Rhino Investment Group, the announcement said. Rhino is the same firm working to redevelop Naperville's new, $53 million Block 59 from a "dated center in a vibrant dining and entertainment destination," the release said.
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WATCH HEREThe release went on to describe the 778,000 square-foot shopping center as an "asset" and in a prime location between I-355 and I-55.
"We truly believe in The Promenade Bolingbrook, an exceptional asset in a rapidly growing market that is underserved," Chief Executive Officer and founder of Rhino Investments Group Sanjiv Chopra said in a separate release. "This asset is a perfect fit with our strategy of targeting high-quality, well-located properties with strong tenant mixes and significant upside potential. We look forward to enhancing the property's performance, expanding its leasing opportunities, and reinforcing its position as a key retail destination in the area."
According to the announcement, Rhino specialized in "value-add investments across retail and commercial real estate," while Brookline's leasing and development team focuses on "underperforming centers."
"Rhino and Brookline are laying the groundwork for a repositioning of the property that will enhance its appeal, increase foot traffic, and secure its place as a top-tier retail and lifestyle destination for the entire Chicago MSA," Brookline's announcement said.
Neither Brookline nor Rhino immediately responded to NBC Chicago's request for more information.
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A post on the shopping center's website, titled "Promenade 2.0" said construction and improvements at the center were beginning April 2025, with completion expected by June.
More 50 stores are currently leased at the 18-year-old shopping center, including restaurants, kids and adult entertainment centers, shops and department stores. In 2022, Patch reported the shopping center was reportedly purchased at a "deep discount" by M&J Willow and Bixby Bridge Capital, for $30 million.
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