UrbanStreet Group and VennPoint Real Estate are proposing a 260-unit apartment complex on the site of the former Motorola Solutions campus in Schaumburg.
The two Chicago developers are teaming up on the 225-acre former corporate complex that already landed a Topgolf entertainment center as a tenant, according to the Daily Herald.
The Schaumburg Village Board could vote on the residential project later this month.
Called The Element at Veridian, the apartment building would be four stories tall and wrap around a parking structure. It would feature 58 studio units, 143 one-bedroom, 51 two-bedroom and eight three-bedroom units.
The joint venture has proposed a dense mixed-use development that’s more typical of the city than a suburb.
As they await approval, the developers are demolishing the Galvin Center and large factory building on the Motorola grounds. Several more buildings will be demolished by next summer. The plan is to keep are a six-story office building on the campus, a credit union building on Algonquin Road and a small welcome center.
Motorola Solutions was among a number of companies that have left large office complexes in the suburbs over the last decade — including GE Healthcare and AT&T — and the resulting empty buildings have contributed to the high suburban office vacancy rate. [Daily Herald] — John O’Brien