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. SB Friedman continues to assist the Village by preparing detailed annual tax increment financing (TIF) revenue projections to assess the developer’s progress in meeting milestones outlined in a redevelopment agreement and to plan capital improvements.
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 assisted in structuring a public-private partnership that would support development of a mixed-use entertainment district. We also prepared sales tax projections to understand the economic and fiscal impacts of a large-scale entertainment anchor that chose to locate in the 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. The mixed-use core is currently advancing through predevelopment. 90N District East: In 2020, a developer was selected for the Village-owned land. A large-scale entertainment anchor is planned to break ground in 2024.
Image Source: Ginkgo Planning & Design