SB Friedman is currently providing development advisory services to the Village of Schaumburg as it pursues the redevelopment of a former corporate campus and adjacent properties into a mixed-use district.
SB Friedman was engaged, as part of a team led by Ginkgo Planning & Design, to provide market-driven insight and analysis to aid in the creation of a visionary redevelopment plan for the 200-acre former Motorola Solutions campus. Our work included identifying key elements that create a sense of place in suburban contexts and that have the potential to make the Village more competitive.
After a developer acquired the site with the intent of advancing the master plan, SB Friedman assisted the Village with implementation, including underwriting and negotiating a public-private partnership to facilitate development. Development of the project, now known as Veridian, is currently underway.
The Village is now focusing its efforts on the redevelopment of an adjacent site to the east anchored by the Schaumburg Convention Center. SB Friedman assisted Ginkgo in developing an implementable development plan for the area, led the Village through a developer solicitation process for Village-owned land, and is currently assisting in structuring a public-private partnership that would support development of a mixed-use entertainment district.
Results: 90N District West/Veridian: The developer broke ground on the $465 million Veridian project in 2019. To date, various aspects of the project are complete, including apartment, townhome, office and entertainment components. 90N District East: In Spring 2020, a developer was selected for the Village-owned land. SB Friedman is currently working on behalf of the Village to negotiate land disposition and redevelopment agreements with the selected developer. Development on the East site is anticipated to begin in Fall 2022.