Massive project proposed near I-90, Route 53

Rolling Meadows city officials are welcoming plans for a massive commercial and residential development on the northwest corner of Route 53 and I-90.

But the development, which would involve razing the 12 Oaks at Woodfield apartment complex, would need tax incentives to proceed, the developer says, and that could be an issue.

Despite its size, the developer wants to maintain a pedestrian-friendly, "Our Town" feel. A town square that could host art fairs would be surrounded by two department stores, two office towers that could be up to 20 stories, senior housing and a hotel.

"It reminds me of the Glen (Town Center in Glenview)," 1st Ward Alderman John Pitzaferro said. "Woodfield just can't compete with that."

Aldermen will discuss the plan more on Tuesday.

Replacing 12 Oaks, formerly known as Woodfield Gardens, with new development is something city planners have had on their wish list for some time. Its location near the Schaumburg convention center and a train stop along the proposed Suburban Transit Access Route, or STAR, line fueled redevelopment plans.

In July 2006, a developer pitching plans for the 692-unit complex bailed on a project to add luxury condos and stores to the area off Arbor Drive at Algonquin Road.

Now, Pine Tree Commercial Realty of Northbrook has an option to buy the 40-acre property this month and wants city council support for zoning changes.

Peter Borzak, a Pine Tree principal, told aldermen Tuesday he wants to mimic a Main Street feel, creating a town square with a gazebo at the center for art fairs and other gatherings. It would provide a good destination for Schaumburg convention visitors, he added.

Mayor Ken Nelson immediately backed the development, saying it fulfilled his ideal of a lifestyle center.

Fourth Ward Alderman Alderman Tom Rooney called the development a "breath of fresh air," but he questioned whether the project would require public dollars.

The location near the convention center removes the idea that the area is blighted enough to warrant spending public dollars, Rooney said.

City Manager Tom Melena said the developer wants the city to create a tax-increment financing district to enable the project, adding that nothing has been decided.

"That's something that they've been suggesting to us," Melena said. "We'll see."

Tax dollars would be key to the development, Pine Tree officials said. Without them, "we would not be able to go forward," Borzak said.

The cost of acquiring the property and clearing it for development could be up to $100 million, officials said.

Pine Tree says its plans could change, so it didn't want to release its drawings just yet. But the idea of adding senior housing interests Rolling Meadows officials.

While there is a senior housing project along Kirchoff Road, Melena said, the city and the region could use more.

Pine Tree has projects across the Midwest and in California, including DeKalb Market Square featuring a Wal-Mart and Lowe's Home Improvement. This would be its first project in the Northwest suburbs.