New Elgin-based Huntley Outlet Center owner says mall site has great potential

HUNTLEY – Rich Turasky was already quite familiar with the Huntley Outlet Center when it went on the market last year.

Turasky, the founder and president of The Capital Companies LLC in Elgin, has a history with Huntley dating back 25 years, when he trained for his pilot's license at Huntley's private airspace during college.

The Lake in the Hills resident knows the area well, and he feels the outlet center near the intersection of Interstate 90 and Route 47 has great potential.

"I think, arguably, that it's one of the best situated 77 acres at a full four-way interchange [near] Chicago," Turasky said.

Turasky brought together a group including Chicago's Prime Group Inc. and California-based Craig Realty Group that bought the mall from Simon Property Group last week.

Prime Group Inc., owned by Turasky's longtime acquaintance Mike Reshcke, originally developed the property in 1994 before selling it.

Village Manager Dave Johnson said the outlet mall is less than half occupied, but Turasky said he feels that is a result of the economic recession.

In a news release about the acquisition, Turasky pointed to several recent improvements to roads near the mall, including the 2011 widening of Route 47, the 2013 opening of a four-way interchange with the tollway and the ongoing widening of I-90.

Those changes were just part of what interested the group, he said. The news release also mentioned the nearby 5,000-home Sun City community and Weber-Stephen's in-progress distribution center.

"It was the combination of the economy picking up and them getting a full four-way interchange at I-90," Turasky said. "Huntley seems to be very pro-business. I think those are really the factors that certainly intrigued our interest."

Turasky said the group's first order of business would be to make sure its current tenants – including GAP, Reebok, Eddie Bauer and Banana Republic – are happy.

The group had been focused on finishing the sale and has not had much time to extensively study the site or decide on its specific long-term plan, he said.

Turasky said the plan is to meet with village officials soon to gain input on their vision for the property. Other uses, such as a hotel or industrial use, previously had been discussed for the site.

While a recent report on the site from Gruen Gruen & Associates said the center was at a competitive disadvantage because of a lack of frontage on Route 47, Turasky said he didn't see that as an issue.

"I don't think the frontage on 47 is as important as the frontage on 90," Turasky said. "In retail, it's all about car count."