Next for proposed Schaumburg entertainment district: Seek a developer
Schaumburg trustees' endorsement Tuesday of a master plan for a proposed entertainment district on the east side of Meacham Road between the I-90 tollway and Algonquin Road is hoped to lead to finding a developer for the project by year's end.
The village's Economic Development Director Matt Frank said requests for proposals are hoped to reach about 20 developers from whom at least three to five responses would be anticipated.
He added that the ideal would be to work with just one developer on the approximately 20 acres currently in play.
The village wants the existing Schaumburg Convention Center and Renaissance Hotel to anchor a redevelopment aimed at attracting more restaurants, hotels and entertainment venues to that area. Other commercial and residential uses could possibly locate on the upper floors of the new buildings.
Village Manager Brian Townsend said Schaumburg has already been approached by four developers about the long discussed idea, even before the formal requests for proposals soon to come.
Community Development Director Julie Fitzgerald said the new master plan is a policy document that establishes some goals and architectural guidelines for the project, but remains undetailed enough to encourage the creativity of the developers who respond.
One detail hoped to be worked into whatever plans a future developer may come up with is the design and location of a multistory parking deck the village board is already considering for its contribution to the entertainment district.
Another old idea for the area, likely to remain on hold unless the village finds a business partner in the theater industry, is a 2,800-seat performing arts center.
"We're not going to build the performing arts center ourselves," Trustee George Dunham said. "We're talking about some big bucks. To take that on ourselves would be very expensive."