More than a year after foreclosing on a 14-acre development site in Northbrook, a Texas bank is in talks to sell the property to a local venture that wants to build apartments and retail there.
The venture between Chicago-based Morningside Group and Schaumburg-based Crossroads Development Partners LLC would take over the property at Skokie Boulevard and Dundee Road from an affiliate of Beal Bank.
“Nothing’s concluded yet,” said Morningside President and Managing Principal David Strossberg. “We’re working on an agreement.”
He declined to discuss specifics other than saying the two firms plan a mix of apartments and retail on the site, where a previous group led by developer Edward Renko planned a $150 million complex with condominiums, retail and a hotel.