Pulte Homes pays $14M for Hoffman Estates Townhome Site

Pulte Homes paid $14 million for the first phase of a townhome construction project at the former AT&T headquarters redevelopment in Hoffman Estates.

The townhome construction is part of Bell Works Chicagoland, a mixed-use development on the site of the former telecom giant’s headquarters in the northwest suburb of Chicago. Inspired by Somerset, the site’s developer, is partnering with Pulte Homes on construction of the residential portion of the campus, which will feature 164 townhomes. The developer is also planning a 300-unit apartment building on part of the residential portion of the site.

Pulte Homes spent the $14 million to purchase 87 lots from Inspired for the first phase of the townhome development on Nov. 3, according to public records. The lots are on the southern end of the residential site, which was previously undeveloped land to the east of the AT&T campus.

Construction on the townhome site broke ground in March, and the project is expected to be completed in the third quarter of 2026. After making initial land improvements, the developers received approval from the city to begin applying for building permits for phase one of the two-phase project in November.

The north end of the site contains about 80 more lots for townhomes that are planned for construction after the first phase is finished.

Pulte Homes did not respond to a request for comment.

The townhome prices will start in the low $500,000 range, according to Pulte Homes’ website. They’ll range from 1,900 to 2,400 square feet. The homebuilder’s website lists three design plans, ranging from three to four bedrooms and two-and-a-half to three-and-a-half bathrooms. Each townhome will have a two-car garage.

Inspired by Somerset has developed the Bell Works site with the goal of establishing a “metroburb,” an urban-style mixed-use development in the suburbs. The developer bought the 1.2 million-square-foot property at 2000 Center Drive in 2019 for $21 million.

The eastern portion of the building, covering 420,000 square feet, is 98 percent leased, a Somerset spokesperson said Monday. Tenants include offices, retail and coworking spaces. Somerset is also working on developing the west side of the building, which will open an additional 430,000 square feet of office and 70,000 square feet of retail.

Hoffman Estates planning officials will consider a change to the tax-increment financing agreement for the Bell Works project in a meeting on Monday. The new agreement would allow Somerset to keep 95 percent of TIF proceeds for 15 years, up from 10 years in the existing agreement. In the last five years of the agreement, the city and Somerset would split the tax proceeds evenly.

Pulte Homes has also been building elsewhere in the Chicago suburbs, including the planned Estates of Ravinia Meadow in Orland Park. That development will include 129 new homes, with prices starting in the mid $600,000 range.