Schaumburg wants to buy offices to clear way for entertainment district

  • Schaumburg village trustees have offered to buy the one-story office buildings in the Woodfield Green Executive Centre just north of the village's convention center and Renaissance Hotel for a new entertainment district and to reconfigure Thoreau Drive.

      Schaumburg village trustees have offered to buy the one-story office buildings in the Woodfield Green Executive Centre just north of the village's convention center and Renaissance Hotel for a new entertainment district and to reconfigure Thoreau Drive. Eric Peterson | Staff Photographer

  • Schaumburg village trustees have offered to buy the one-story office buildings in the Woodfield Green Executive Centre just north of the village's convention center and Renaissance Hotel for a new entertainment district and to reconfigure Thoreau Drive.

      Schaumburg village trustees have offered to buy the one-story office buildings in the Woodfield Green Executive Centre just north of the village's convention center and Renaissance Hotel for a new entertainment district and to reconfigure Thoreau Drive. Eric Peterson | Staff Photographer

  • Schaumburg village trustees have offered to buy the one-story office buildings in the Woodfield Green Executive Centre just north of the village's convention center and Renaissance Hotel for a new entertainment district and to reconfigure Thoreau Drive.

      Schaumburg village trustees have offered to buy the one-story office buildings in the Woodfield Green Executive Centre just north of the village's convention center and Renaissance Hotel for a new entertainment district and to reconfigure Thoreau Drive. Eric Peterson | Staff Photographer

  • Schaumburg village trustees have offered to buy the one-story office buildings in the Woodfield Green Executive Centre just north of the village's convention center and Renaissance Hotel for a new entertainment district and to reconfigure Thoreau Drive.

      Schaumburg village trustees have offered to buy the one-story office buildings in the Woodfield Green Executive Centre just north of the village's convention center and Renaissance Hotel for a new entertainment district and to reconfigure Thoreau Drive. Eric Peterson | Staff Photographer

 
 
Posted9/28/2016 5:10 AM

Schaumburg trustees Tuesday approved a $6.58 million offer to buy the two single-story office buildings just north of the village's convention center and Renaissance Hotel to help develop a new entertainment district and reconfigure Thoreau Drive.

The 110,000-square-foot Woodfield Green Executive Centre lies on the north side of Thoreau Drive and just across Meacham Road from Zurich North America's new headquarters.

                                                                                                                                                                                                                       
 

"If we're building an entertainment center, it would be helpful to acquire property adjacent to it so we can control its use," Schaumburg Mayor Al Larson said.

Schaumburg officials became aware only weeks ago of an opportunity to make an offer on the 8.75-acre site they had long considered underused, Village Manager Brian Townsend said.

The long-term plan is to hold the property to sell to one or more developers interested in building more restaurant and other entertainment venues near the southeast corner of Meacham and Algonquin roads.

What's less clear is the exact time frame.

Though no new leases or lease renewals will be approved in Woodfield Green Executive Centre, the expiration dates of the current leases range from 2018 to 2030.

by signing up you agree to our terms of service
                                                                                                                                                                                                                       
 

While there are no immediate plans to send out requests for proposals to redevelop the site, some of the longer leases will likely be negotiated down, Townsend said.

"Our intention is to work out agreements with everybody, just like we did with the purchase of the property," he said.

As the land lies in a relatively new tax increment finance district for the purpose of redevelopment -- with tax money above a certain amount going into the development rather than local governments -- some leases could even face condemnation proceedings if agreements can't be reached, Townsend said.

Once the office buildings are torn down, the current curve of Thoreau Drive would be reduced to better use the site.

Village officials aim to close on the purchase by Dec. 31.

0 Comments
                                                                                                                                                                                                                       
 
Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.