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VennPoint, UrbanStreet secure $56M loan for resi portion of Motorola campus overhaul
The developers are planning 260 luxury apartments as part of a massive redevelopment of the former corporate campus
VennPoint Real Estate and UrbanStreet Group are moving forward with the residential portion of the Motorola Solutions campus redevelopment in Schaumburg after securing a $55.8 million construction loan for the 260-unit complex.
The Chicago-based developers Tuesday said they secured the loan from ACORE Capital for the Element at Veridian, the luxury apartment complex that will rise on the former corporate headquarters grounds in the northwest suburb.
The residential project is just one phase of the massive overhaul of Motora’s former campus. Led by VennPoint and UrbanStreet, the effort will turn the 225-acre site into a dense mixed-use development that’s more typical of the city than a suburb. It will be centered around a main street and will include a 10-acre park, the developers previously said.
Aside from the multifamily phase, the development could also include office buildings, retail, hotel, senior living and entertainment options, according to its website. In May, Topgolf became the first tenant to sign on to the project.
The dense, “live-work-play” development will seek to attract tech companies and workers, both of whom have left for Downtown seeking more dynamic neighborhoods, Jason Ross, director of capital markets for VennPoint, said in a statement. In 2015, Motorola Solutions announced it was vacating much of the site for the West Loop, joining a slew of corporate relocations into the city.
Plans for the 260-unit Element at Veridian call for a four-story complex that will wrap around a parking structure housing 437 parking spaces. Its amenities will include a swimming pool and cabanas, a yoga studio and a tap room, according to VennPoint. It will feature 58 studios, 143 one-bedrooms, 51 two-bedrooms and eight three-bedrooms.
Work on the complex is already underway, with apartments to be delivered in late 2020, said Jake Gantz, vice president at VennPoint. The developers also have begun site and infrastructure work on the larger development, including work on the main road running through the site.
The redevelopment received initial approval from Schaumburg village officials in April. The site is in a tax increment financing district, so all additional property tax revenue generated by increased property values will be set aside for improvements in the district through 2036.