Element at Veridian apartment building on former Motorola campus in Schaumburg up for sale

The 268-unit luxury apartment building Element at Veridian, one of the earliest aspects of the redevelopment of the former Motorola campus in Schaumburg to be completed, is being put up for sale by its developers.

The project was done by the master developer of the 225-acre Veridian development, UrbanStreet Group LLC, in partnership with VennPoint Real Estate.

Representatives of UrbanStreet Group weren’t immediately available for comment, but Schaumburg Mayor Tom Dailly said he was not surprised by the move. His understanding of the firm’s primary mission is that of a developer and redeveloper rather than a long-term landlord.

Indeed, fellow developer D.R. Horton acquired the adjacent land up front from UrbanStreet Group to build its own row houses on the Veridian site.

Neverthess, UrbanStreet Group continues to own the nearby North 680 apartment complex on Algonquin Road, a project that immediately preceded its acquisition of the old Motorola campus. And it’s currently working on the Main Street-style development called The District at Veridian at the eastern end of the same property as the Element apartments.

Brokers from Jones Lang LaSalle Americas are marketing Element at Veridian on behalf of the owners. They tout the units’ modern kitchen designs, storage space and private balconies as well as the common-area amenities that include a yoga studio, fitness center, outdoor terrace, office suites, swimming pool, gated pet parks and a pet grooming station.

The only aspect of the Veridian development to open before the pandemic was TopGolf. But Element at Veridian was completed in the summer of 2020 just as the neighboring TopGolf was reopening.

Additions to the sprawling site since then have included Boler Co.’s eight-story headquarters, D.R. Horton’s Northgate at Veridian community, further development of Veridian’s internal streets and a 12-acre urban-style park.

A 26,181-square-foot The Fresh Market grocery store at the southwest corner of Algonquin and Meacham roads will be the first completed aspect of The District at Veridian in late 2026.

The 30-acre District will be built in four phases, with the first phase alone including more than 300 high-end apartments and about 39,000 square feet of retail space.

When completed, The District at Veridian is expected to include about 178,000 square feet of retail space, 91,000 square feet of restaurant space, 608,000 square feet of residential space and nearly four acres of open space, according to Schaumburg officials.