Somerset proceeding with Hoffman Estates project despite Sears’ woes

Chicago /
Oct.October 15, 2018 10:00 AM

Somerset President Ralph Zucker and the former AT&T campus in Hoffman Estates (Credit: LoopNet and Somerset Development)

Somerset Development is sticking to its plans to redevelop the former AT&T campus in Hoffman Estates into a sprawling “metroburb,” even as the village’s largest employer, Sears, enters bankruptcy.

New Jersey-based Somerset plans the redevelopment of the 150-acre former AT&T complex, five miles east of Sears’ 2.4-million-square-foot headquarters, according to the Chicago Tribune.

Sears filed for Chapter 11 protection Monday, saying it plans to close another 162 stores by year’s end and throwing the future of its headquarters — and workforce — into question.

Somerset wants to convert the AT&T property into 1.2 million square feet of offices, 60,000 square feet of shops and restaurants, and 80,000 square feet of conference space. The developer also has approval for construction of 379 apartments, 171 townhomes and a hotel.

Somerset President Ralph Zucker told the Tribune the firm is “not deterred” by Sears’ woes, and believes it can have the same success in Hoffman Estates as it did at the former Bell Labs campus in New Jersey.

Conversion of the existing AT&T buildings is expected to cost about $160 million, said Zucker, who declined to say how soon the firm expects to close on the land deal or how much it’s paying for the site. [Chicago Tribune] — John O’Brien


Related Articles

arrow_forward_ios
Liberty Mutual at 27201 Bella Vista in Warrenville (Google Maps)

Chicago’s Q3 suburban office market hits highest vacancy in decade

Chicago’s Q3 suburban office market hits highest vacancy in decade
Mayor Lori Lightfoot (Getty, iStock)

Lightfoot to propose $94M property tax hike

Lightfoot to propose $94M property tax hike
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Cars.com CEO Alex Vetter and the building (Credit: Google Maps)

Cars.com wants to shrink its space at West Loop HQ

Cars.com wants to shrink its space at West Loop HQ
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Thor’s Palmer House hit with $300M+ foreclosure suit

Thor’s Palmer House hit with $300M+ foreclosure suit
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...