Latest news with #SterlingOrganization
Chicago Tribune
13-05-2025
- Business
- Chicago Tribune
Even with Golf Mill Shopping Center for sale as its redeveloped, Niles leaders say the village's investment in the project not in jeopardy
Though Golf Mill Shopping Center is for sale, Niles village leaders are confident the $443 million redevelopment of the landmark mall will still move forward as planned this year. In a May 7 online news release, the Sterling Organization, the West Palm Beach, Florida-based owners of Golf Mill Shopping Center, announced a 'strategic initiative' to advance the redevelopment of Golf Mill, 'whether through an equity recapitalization in which Sterling Organization continues to play a leading role, or a sale to a third-party that is highly qualified and experienced in executing similar redevelopments.' Niles Mayor George Alpogianis said he learned of the announcement only recently, but the possibility of seeking a buyer or investors had been mentioned previously by Sterling executives. 'I've been reassured by Sterling that they're moving forward with the project as planned,' Alpogianis said in a telephone interview with Pioneer Press. 'This is another way to find out what kind of money is out there for investing or buying the property.' Alpogianis said the village's investment in the redevelopment is 'covered' by the Redevelopment Agreement approved by village trustees at the June 25, 2024 Village Board meeting because it has 'a provision in case there is a sale for a piece of property.' The board agreed to provide a pay-as-you-go tax increment financing incentive up to $96 million for the planned mixed-use development which, according to the RDA, 'may potentially feature retail, restaurants, entertainment, residential, medical office, hotel, and personal services in a multi-phased redevelopment.' 'We are fully aligned with the village in our shared commitment to bringing this exciting project to life. Our focus is delivering a development of the highest quality — one that reflects the full potential of this unique site and enhances the future of the community and doing so in as expeditious a manner as possible,' Dustin Hicks, managing director of development and construction at Sterling Organization, stated in the release. Chicago-based Jones Lang LaSalle is marketing the project, according to the release. The real estate and investment management company is promoting the 79-acre site as a redevelopment opportunity of turning the 1.1 million square feet of retail into a 'modern open-air, mixed-use property.' The Sterling Organization did not return Pioneer Press calls for additional comment. 'No matter what happens, Sterling assured me, I assure our citizens, whatever happens … will be in the best interest of the village of Niles,' the mayor said. It was Aug. 19, 2014, when the Sterling Organization announced its $60 million purchase of Golf Mill from the Cuneo Family, who had developed the popular mall in the 1950s. In recent years, village leaders have been in extensive negotiations with the real estate development group and Alpogianis said the company has been very cooperative. Some of the planned redevelopment at the site is the creation of a pond, or water feature with a mill wheel in the water, just as the original mall had. The red letters on the golf-style office building, he said, will also be another form of signage at the mall. Alpogianis said according to the master plan, the entire interior mall will be torn down, as will the movie theater and former Sears retailer building. He said there are currently approximately 40 tenants, including those using kiosks, still inside the mall but most others have moved out. All of the buildings and tenants in the outlots surrounding the mall will be retained, he said, including LA Fitness, Gordon Food Service Store, and retailers Target, Ross Dress for Less, Burlington, Ulta Beauty and JC Penney. Extensive landscaping, a promenade from Golf Mill Park toward the pond, outdoor movie screens and a grassy knoll are also planned, he said. 'The way we envision it: Live, eat and play,' Alpogianis said. 'We wanted a place that is family oriented, where kids could find something to do, watch a movie while their mom and dad could get a haircut, get their nails done or grab a bite to eat at a restaurant.' Although the recent sale announcement is a 'bump in the road' in the redevelopment plans, Alpogianis said he remains very confident. He called it all a waiting game, though he said he's talking with the principal of Sterling and plans are still moving forward. 'Golf Mill was the jewel of Niles for decades,' the mayor said. 'We've worked very closely with Sterling via the RDA to restore Golf Mill to its glory days once again.'
Daily Mail
07-05-2025
- Business
- Daily Mail
Macy's opening new store amid closures
Macy's has unveiled plans for a surprising new location amid a dramatic spree of closures. The new store will open in the Midway Crossings mall west of Miami, the mall's property management company revealed. It is a surprising choice for the struggling retailer which has previously expressed plans to move away from malls and invest further in to its luxury Bloomingdale's brand. The 55-year-old Florida mall is located off the busy Palmetto Expressway. The new Macy's store will be housed alongside brands such as Marshall's, Costco and Five Below. A representative for the mall's property management company Sterling Organization confirmed the upcoming Macy's opening to the Miami Herald. Although a lease is in place, the location does not yet have an opening date, the outlet reported. 'We're not able to comment on any specific plans at this time,' Macy's said in a separate statement. According to Sterling Organization's plans, the new Macy's will be around 31,000 square feet, making it one of the larger stores in the mall. The shopping center was first opened in 1970 as 'Midway Mall,' and was established to serve the rural community living around six miles away from Dadeland, according to the Herald. By 2026, there will be just 350 Macy's stores, the 166-year-old company announced in February 2024. 'We are closing underproductive Macy's stores to allow us to focus our resources in our go–forward stores,' Tony Spring, chairman and chief executive officer of Macy's said at the time. As well as revamping remaining stores, Macy's also plans to expand its footprint with 15 new Bloomingdale's and 30 new Bluemercury locations. The major turnaround comes as the department store tries to win back shoppers, amid growing pressure from online rivals. It is also trying to cut costs by culling stores in malls and downtown districts which experts say have been 'left to rot.' 'The plans are about correcting what has gone wrong at Macy's, and the biggest things that have gone wrong at Macy's are the quality of the stores and the product assortment, Neil Saunders, an analyst at Global Data Retail, previously told 'And so over the years customers have deserted it, sales have tumbled and store productivity has gone down. All the metrics have gone in the wrong direction.' The company is closing down stores that are not working and investing in the locations that it wants to keep, he added, in order to put the business on a much better footing. 'But of course, turning around something that has been left to rot for many years isn't easy, it isn't cheap, and it isn't quick,' Saunders said. 'So the plan sounds sensible, but now it comes down to how effectively Macy's can execute it.'
Daily Mail
07-05-2025
- Business
- Daily Mail
Macy's is opening a new store in a surprising location amid hundreds of closures
Macy's has unveiled plans for a surprising new location amid a dramatic spree of closures. The new store will open in the Midway Crossings mall west of Miami, the mall's property management company revealed. It is a surprising choice for the struggling retailer which has previously expressed plans to move away from malls and invest further in to its luxury Bloomingdale's brand. The 55-year-old Florida mall is located off the busy Palmetto Expressway. The new Macy's store will be housed alongside brands such as Marshall's, Costco and Five Below. A representative for the mall's property management company Sterling Organization confirmed the upcoming Macy's opening to the Miami Herald. Although a lease is in place, the location does not yet have an opening date, the outlet reported. 'We're not able to comment on any specific plans at this time,' Macy's said in a separate statement. According to Sterling Organization's plans, the new Macy's will be around 31,000 square feet, making it one of the larger stores in the mall. The shopping center was first opened in 1970 as 'Midway Mall,' and was established to serve the rural community living around six miles away from Dadeland, according to the Herald. After several incarnations it was renamed Midway Crossing in 2022 as part of a revitalization campaign. Macy's is currently in the process of closing 66 stores across 23 states by the end of the year. Among the closures was its enormous location inside Sunrise Mall in Massapequa, Long Island, which had been there for more than 50 years. The Macy's at Center City in Philadelphia was also closed for good in March. By 2026, there will be just 350 Macy's stores, the 166-year-old company announced in February 2024. 'We are closing underproductive Macy's stores to allow us to focus our resources in our go–forward stores,' Tony Spring, chairman and chief executive officer of Macy's said at the time. As well as revamping remaining stores, Macy's also plans to expand its footprint with 15 new Bloomingdale's and 30 new Bluemercury locations. The major turnaround comes as the department store tries to win back shoppers, amid growing pressure from online rivals. It is also trying to cut costs by culling stores in malls and downtown districts which experts say have been 'left to rot.' 'The plans are about correcting what has gone wrong at Macy's, and the biggest things that have gone wrong at Macy's are the quality of the stores and the product assortment, Neil Saunders, an analyst at Global Data Retail, previously told 'And so over the years customers have deserted it, sales have tumbled and store productivity has gone down. All the metrics have gone in the wrong direction.' The company is closing down stores that are not working and investing in the locations that it wants to keep, he added, in order to put the business on a much better footing. 'But of course, turning around something that has been left to rot for many years isn't easy, it isn't cheap, and it isn't quick,' Saunders said.
Associated Press
28-04-2025
- Business
- Associated Press
Dalia Pearson Joins Sterling Organization as Chief Financial Officer
Dalia holds a Master of Accounting and a Bachelor of Science in Accounting, earned with magna cum laude honors, from Florida Atlantic University, completed the High Potentials Leadership Program at Harvard Business School and is a licensed Certified Public Accountant in the State of Florida. WEST PALM BEACH, FLORIDA / ACCESS Newswire / April 28, 2025 / Sterling Organization, a vertically integrated private equity real estate investment firm headquartered in West Palm Beach, FL, is pleased to welcome Dalia Pearson to its senior management team. Mrs. Pearson will serve as Chief Financial Officer and will be responsible for the financial aspects of the company including Property, Fund and Corporate accounting, tax planning, fund administration, compliance and treasury operations. Mrs. Pearson will also serve as the Chief Compliance Officer for the firm and will be a member of each of the Firm's Investment Pearson Sterling Organization CFO 'We are delighted to welcome someone of Dalia's caliber to Sterling's Senior Management Team,' said Brian Kosoy, Managing Principal and CEO of Sterling Organization. 'Her technical experience in leading a best-in-class real estate private equity firm's accounting and compliance department makes Dalia the ideal hire for Sterling. In addition, Dalia brings high-level strategic and technology-focused expertise, which we expect to leverage for the benefit of our investor partners. We could not be happier that Dalia has chosen to join our team as we believe she is a perfect cultural fit and are certain she will be an invaluable leader who will make a material impact across the entire organization.' Prior to joining Sterling Organization, Mrs. Pearson most recently spent almost a decade at Elion Partners, the last two as a Partner, where she oversaw the firm's corporate, real estate and fund financial reporting, treasury operations, fund administration, and tax compliance. Dalia played an integral role in Elion's strategic growth initiatives, contributing significantly to the firm's development into an institutional investment platform managing funds and separately managed accounts on behalf of institutional partners. Prior to joining Elion, Mrs. Pearson served as Financial Controller at Swire Properties, Inc. where she was responsible for the accounting operations and financial reporting and spent nine years working at RSM US LLP, most recently as an Audit Director. Dalia holds a Master of Accounting and a Bachelor of Science in Accounting, earned with magna cum laude honors, from Florida Atlantic University, completed the High Potentials Leadership Program at Harvard Business School and is a licensed Certified Public Accountant in the State of Florida. Contact InformationDana Verhelst SVP, Marketing +15618127476 SOURCE: Sterling Organization press release
