Hoffman Estates technology park proposed north of Bell Works
4 buildings would go up by Bell Works
A formal proposal for a four-building "Hoffman Technology Park" may soon be before Hoffman Estates officials, inspired in part by the coming Bell Works redevelopment of the former AT&T campus to the south and the recent expansion of I-90 tollway access at Barrington Road.
Village board members Monday gave a courtesy review to preliminary plans for the 53-acre site by developer BK Equities, led by former executives of Rosemont-based Colliers International.
The site sits on the north side of Lakewood Boulevard, about a quarter-mile east of Barrington Road.
The developers most wanted to know whether village officials would automatically object to a request for a Cook County Class 6B tax incentive.
But Trustee Gary Stanton, who chairs the board's planning, building and zoning committee, said nearly all such developments in Cook County seek the incentive -- which reduces property taxes for a dozen years -- in order to make them competitive with those in collar counties.
The four buildings of the technology park would range in size from 121,000 to 225,000 square feet, and total 670,000 square feet. For the most part they would be built speculatively rather than to-order, making them more adaptable to different users over time if necessary, the developers said.
Pointing to the larger Elk Grove Technology Park under construction to the east, the developers added that without similar facilities Hoffman Estates would remain out of the market for expanding manufacturers, including those already in the village. The Elk Grove park has as incentives both Class 6B and tax-increment financing, which steers property taxes above a certain level to development rather than local governments.
Stressing compatibility with neighboring Bell Works, which will feature a mix of homes, offices, retail space and a hotel, BK Equities officials said the two projects would share the same leasing broker.
Representatives of Bell Works' developer, New Jersey-based Somerset Development, could not be reached for comment Tuesday.
Though a formal version of BK Equities' proposal hasn't yet been filed for review by the village's planning and zoning commission, the company is already under contract to buy the property and expects to close in late July, officials said.