Plans for a Florida company’s first go-karting and entertainment center in the Midwest are staying on track.
Orlando-based Andretti Indoor Karting & Games is set to buy a site west of the Schaumburg Convention Center and Renaissance Hotel from the city for $6 million to build an 80,000-square-foot building that would include a multilevel karting track, arcade, laser tag arena, bowling virtual reality attractions, restaurant, bar and 10,000 square feet of event space, the Daily Herald reported. The center’s estimated project cost is $20 million and it is expected to open in 2024.
The current site is a 110,000-square-foot single-story office complex that will be demolished. Andretti’s project is the first part of an 8-acre phase of a planned entertainment district that would total 23 acres, stretching north of the convention center and hotel, and include another entertainment venue, a restaurant and a 900-space parking deck with an elevated walkway connecting it to the Renaissance Hotel on property reserved for a performing arts center.
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Schaumburg’s expansion of entertainment options in the village comes as the pandemic-induced flight to the suburbs has continued, with multifamily developers following to assuage low vacancy. The Arlington Heights-Schaumburg area in particular saw historically low vacancy, according to a third-quarter report from Marcus & Millichap.
The village will use a tax increment financing district to fund public improvements to the area as well as the expected $18 million construction of the parking garage. The Andretti center is projected to generate $12.5 million in property taxes on its own.
The land sale is subject to the approval of Schaumburg trustees, who are scheduled to vote on the purchase and sales agreement on Jan. 10. The agreement has already been recommended by the village finance committee.
Andretti already has locations in Florida, Georgia and Texas.
– Rachel Herzog