Grocery store, restaurants and more. That's what deal could bring to Buffalo Grove Town Center
Buffalo Grove officials are poised to approve a deal to facilitate the redevelopment of the village's Town Center property with a national grocery store chain, retail shops, restaurants, apartments and entertainment venues.
The village board on Monday will consider a memorandum understanding with Kensington Development Partners that, if approved, will set in motion the proposed $150 million project to revive the 20-acre property at Lake-Cook Road and Route 83.
The deal involves the village providing up to $24.75 million in financial incentives through a tax increment financing district and 50% of the new sales tax growth from the development.
Highlighting the first phase of the project would be construction of a 37,500-square-foot store for an unnamed grocer and a 7-story, 275- to 300-unit apartment building with 18,000 square feet of commercial space on the ground floor.
“The proposed plan would be an exciting addition for (Buffalo Grove) — you could live, shop and dine, enjoy the park, and sample some of BG's local flavor — all in one place,” Village President Beverly Sussman said in an announcement of the plan Thursday.
Village officials envision the redevelopment as the town's first walkable, mixed-use development, featuring a modern central entertainment and residential district, contemporary building design and upscale tenants.
Kensington, which is under contract to purchase the struggling shopping center property, also plans a “Central Park” in the middle of the site that would host concerts and civic events.
“The agreement with Kensington creates a catalyst for the ongoing redevelopment of the Lake-Cook Road corridor and delivers a much-needed gathering place for our community,” Village Manager Dane Bragg said in Thursday's announcement. “We are proud of all the challenges we have overcome to help turn this vision into a reality.”
If the deal is approved, Kensington will enter into a formal redevelopment agreement with the village, with construction expected to begin in the summer of 2022.