New Owner Outlines Plans for Market Square

Market Square’s renovation will center around three actions: restoration, upgrading life-safety systems and marketing.

This was the message that Michael Schreiber, a partner with L3 Capital, the investment firm that bought the downtown retail area last year, delivered to the Lake Forest City Council this week, according to an article in the Lake Forester.

L3 paid $35.5 million for Market Square, saying they believe rents there are 10 to 20 percent below market. The firm owns a large amount of retail space in Chicago, including 24,500 square feet in the Southport corridor.

Schreiber, a Lake Forest resident, told the City Council that L3 plans to return Market Square “to its full glory,” the Lake Forester article reports.

You can read the full Lake Forester article here.