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Big retail lease boosts Motorola campus project in Schaumburg
Sports & Social will anchor entertainment district as part of 225-acre mixed-use complex
A sports and entertainment-themed restaurant has inked a big lease at the ongoing redevelopment of the 225-acre former Motorola Solutions campus in Schaumburg.
Sports & Social will occupy 20,000 square feet to anchor a 150,000-square-foot retail complex, according to the Chicago Tribune. That will be part of a 30-acre entertainment district.
The former Motorola campus is undergoing a $300 million redevelopment led by UrbanStreet Group, one that will see hundreds of residential units in the mixed-use complex. A few years in the making, the completed site will be more akin to a city than a suburb: It has been pitched as “urban, dense and walkable.” Plans call for the complex to be centered around a main street and include a 10-acre park.
In 2019, VennPoint Real Estate and UrbanStreet secured a $56 million construction loan for a 260-unit luxury property at the old Motorola site. Other residences have been built and hundreds more are in the pipeline.
The Sports & Social lease represents a bright spot amid the area’s continuing retail struggles. Owned by Cordish Companies and Live! Concepts, Sports & Social has several locations across the country. The Schaumburg location is expected to open in 2023, according to the Daily Herald.
Until the pandemic hit, the Schaumburg area had seen a flurry of retail and residential investment activity. In early March 2020, a Topgolf-leased building sold for $50 million, about four months after the sports entertainment chain opened the location.
[Tribune] — Alexi Friedman