The operators plan to offer evening entertainment, including music, a dance floor and arts programs.
Park House is soliciting members on a website that includes details of the development. There's no mention of cost.
"We would prefer not to get into details on the membership. Those details will be released in the fall," Wood said. "The Town of Highland Park and the neighbors have been great to work with -- everyone is excited about the project."
The construction of the club and other upgrades to the building will cost more than $30 million, he said. Dallas-based Droese Raney Architecture and Studio Collective are designing the project.
William Noble Rare Jewels is moving to the second floor of the building in brand new space.
Highland Park Village -- along with County Club Plaza in Kansas City -- is recognized as the country's oldest shopping center.
Opened in 1931, Highland Park Village is considered the first off street retail center in America.
It's complex of red tile-roofed buildings was patterned on Spanish architecture after developers Edgar Flippen and Hugh Prather Sr toured locations in Spain, Mexico and California.
Over the decades, owners have lovingly preserved the style of the cherished local landmark.
But not all of Highland Park Village dates to the 1930s.