Schaumburg has committed $47 million in public funding for UrbanStreet Group’s The District at Veridian, a $185 million mixed-use development on the former Motorola campus.
The development’s first phase is set to include 65,000 square feet of retail space, including a grocery store, and 300 apartments at the southwest corner of Algonquin and Meacham roads, the Daily Herald reported.
The full development, spanning 30 acres, is expected to feature 269,000 square feet of retail and restaurant space, 608,000 square feet of residential, and nearly 4 acres of open space. Hundreds of parking spaces and four parking garages are also planned, along with a pedestrian bridge spanning Meacham Road.
Village officials approved the development last Spring. The funding will be sourced from a tax increment financing district previously established for redevelopment along Algonquin Road.
UrbanStreet has already benefited from the TIF. The village has allocated $31.7 million to the firm for previous development stages of The Veridian.
The development already features Northgate at Veridian townhomes, the Element at Veridian apartment building, Topgolf, The Boler Company’s headquarters, and a 12-acre park.
The significant cost of such a large-scale project, and the associated infrastructure, necessitated public funding, Schaumburg village president Tom Dailly said. TIF funding gives the village more control over the development, he said.
The District at Veridian’s design allows for taller buildings than typical suburban developments, with no defined maximum height and a provision for secondary structures under two stories, not exceeding 20 percent of any phase.
UrbanStreet expects infrastructure work to start this fall, with vertical construction beginning in spring. Several restaurants have tentatively signed on to the development, Burk previously said, but their names haven’t been disclosed.
UrbanStreet Group was co-founded in 1996 by industry veterans Robert Burk and Robert Kuker. Its other projects include a variety of suburban apartment developments and the adaptive reuse of the Marshall Field Jr. mansion in Chicago into six multifamily units.
— Andrew Terrell
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