The Lincolnwood Town Center mall in the north Chicago suburb of Lincolnwood has been sold to a developer, the village announced Wednesday.

The village noted that on Dec. 19, it was notified of the sale of the mall to a development group associated with Prairie Ridge Development and Northbrook-based Xroads Real Estate Advisors. The latter company will manage the property while a plan for the site is development over the next several months, the village said.

"We're excited about the opportunity to work collaboratively with the Village of Lincolnwood and community stakeholders to re-imagine what this site can become," Michael Nortman, a principal at Xroads, said in a news release. "Lincolnwood Town Center has long been an important part of the community, and we believe it has the potential to evolve into a destination that better reflects today's needs while creating long[1]term value for residents, businesses, and the Village as a whole. We look forward to engaging with local leaders as planning moves forward."

Lincolnwood Town Center has stood at Touhy Avenue and McCormick Boulevard for nearly 36 years. But the village said with occupancy declining, the 31-acre property is a prime candidate for redevelopment, given its location at the juncture of Lincolnwood, Skokie, and Chicago's West Rogers Park or West Ridge community.

"Redevelopment of the Lincolnwood Town Center mall property has been a focus of the Village Board and Staff for several years," Lincolnwood Mayor Jesal Patel said in the release. "We are excited for this next step of redevelopment, and we stand ready to offer assistance to ensure for a successful project.

A plan to redevelop the land where the mall stands has been on the table for some time. In June 2022, the village approved a Lincolnwood Town Center Concept Plan that proposed several redevelopment ideas.

One concept proposed in 2022 called for maintaining the Kohl's and since-shuttered RoomPlace spaces and the mall's retaining wall, while redeveloping the rest of the mall structure to incorporate residences and a corporate or life science campus. Another preserved only the Kohl's space while creating more walkable mixed-use buildings, and a third called for the mall property to be fully redeveloped with a grid-like network of smaller-sized blocks.

The village said it will be working with Nortman and Prairie Ridge Development founder and president Brian Pawlik to come up with the best redevelopment plan.

Lincolnwood Town Center opened in March 1990, on the former site of the headquarters for Bell & Howell. The mall was anchored in its early days by a Carson Pirie Scott, a Madigan's, and a JCPenney, while the second-story food court featured a Sbarro and a Fluky's hot dog stand.

Published reports noted that Vanna White of "Wheel of Fortune" fame came to the mall to sign autographs the day it opened. In its early years, the mall hosted a variety of celebrities and entertainment, from walk-around cartoon characters for throngs of exuberant kids to a visit from Chicago radio icon Dick Biondi for autographs.

Washington Prime Group, the former parent company of Lincolnwood Town Center, filed for bankruptcy in 2021.