Quick Summary: Shorewood Buys Former Walgreens HQ Site for $13.1 Million Redevelopment
- Shorewood Development Group purchased the former Walgreens HQ site for $13.1 million, aiming for a mixed-use project.
- The site, located in Deerfield, spans 37.5 acres and was cleared for redevelopment after demolition in late 2025.
- Shorewood’s CEO, Louis Schriber III, emphasized the site’s strategic location and potential for lasting impact.
- The redevelopment plan includes retail, medical, and multifamily components, though specifics remain undisclosed.
- The project reflects Shorewood’s pattern of transforming obsolete properties into vibrant mixed-use developments.
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In a bold move, Shorewood Development Group has acquired the former Walgreens headquarters site in Deerfield for $13.1 million, setting the stage for a transformative mixed-use project. This ambitious plan aims to breathe new life into the 37.5-acre site, which has been cleared for redevelopment following the demolition of six office buildings in late 2025.
Shorewood’s CEO, Louis Schriber III, sees this as an opportunity to create ‘something lasting’ in Deerfield, leveraging the site’s prime location and the community’s favorable planning climate. The proposed development includes retail, medical, and multifamily components, although the exact details are yet to be unveiled, sparking curiosity and debate among local officials and residents.
This acquisition is not an isolated venture for Shorewood. The company has a track record of revitalizing obsolete commercial properties across various suburbs, including Naperville and Schaumburg. The Deerfield project is a strategic expansion of this pattern, aiming to redefine the landscape of the North Shore corridor.
As Shorewood prepares to present its plans to Deerfield, the community eagerly awaits to see how this ‘something lasting’ will unfold. The transformation of the former Walgreens site is poised to be a significant milestone in the region’s development narrative.
1 million,” adding that it had already completed demolition of the six buildings in the fourth quarter of 2025. The most important new development is that the deal is no longer speculative: Shorewood Development Group has closed on the purchase of 1411-1435 Lake-Cook Road, and the property is already cleared for redevelopment after Orion Properties demolished the six former office buildings in late 2025.
According to the Daily Herald’s May 14 report, Shorewood first began talking with Orion about the site about a year ago, but Orion effectively “set the table” by tearing down the six office buildings before the sale. CoStar reported last week that the site had been “wiped clean,” and CBRE marketing materials described the offering as a “generational North Shore development opportunity” after roughly 575,000 square feet of office buildings were razed.
The company’s own website highlights that same suburban development focus, reinforcing the sense that Deerfield is a strategic expansion, not an isolated bet. 5-acre former Walgreens headquarters site in Deerfield, turning a long-empty corporate campus into what Shorewood Development Group says could become a major mixed-use project with retail, medical space and housing.
5 acres and described Shorewood’s concept as including retail, medical and multifamily uses. The main players are Shorewood, led by founding partner and CEO Louis Schriber III, and seller Orion Properties, the Phoenix-based real estate investment trust that had been shedding noncore assets.
CoStar and trade reports pegged the transaction to May 6, Orion disclosed it publicly on May 7 in its quarterly filing, and the Daily Herald followed on May 14 with Schriber’s first extended public comments about the site. What makes the story stand out right now is how fast it has shifted from a dead suburban office property into a high-profile redevelopment play.
5-acre site, which has been cleared for redevelopment following the demolition of six office buildings in late 2025. 1 million,” adding that it had already completed demolition of the six buildings in the fourth quarter of 2025.
1 million, aiming for a mixed-use project. 1 million, setting the stage for a transformative mixed-use project.
The company’s own website highlights that same suburban development focus, reinforcing the sense that Deerfield is a strategic expansion, not an isolated bet. Shorewood’s CEO, Louis Schriber III, emphasized the site’s strategic location and potential for lasting impact.