'Our business model is long-term': Redevelopment of Schaumburg Motorola campus continues
The completion of a 260-unit apartment building and the reopening of the Topgolf entertainment venue next door are the most visible signs of progress this unusual summer at the 225-acre Veridian Development, on the former Motorola Solutions campus in Schaumburg.
Coming soon are the completion of the Boler Co.'s new eight-story headquarters and the new north-south Parkside Drive, as well as the start of work on a 12-acre urban-style park and 260 row houses on 20 acres along Algonquin Road.
From the beginning of the pandemic, UrbanStreet Group Managing Partner Bob Burk emphasized that the project at the southwest corner of Algonquin and Meacham roads is planned for the long-term market, and nothing in the past few months has caused him to second-guess its goals.
"We can't stress enough that our business model is long-term," Burk said. "Real estate is not a short-term investment. We never anticipated this (pandemic), but you have to anticipate having issues.
"The fundamentals are still the same," he added. "You have to live somewhere. You have to be entertained somewhere."
The first residents moved into the Element at Veridian apartments this summer, though its precise occupancy and leasing remain moving targets with positive momentum, Burk said.
"It's been consistent and it's been strong," he said.
The building's apartments, common areas and outdoor pool resemble a luxury hotel, and the building includes a hotel room for visiting guests and a business center for residents working from home.
The fact that the Element and Boler Co. projects remained on schedule and Topgolf reopened are as much as could be asked for amid the pandemic, Burk said.
"Anything that is actually open is impactful," he added.
Burk had particular praise for the efforts of Topgolf.
"I admire them," he said. "They stayed with it. They're set up for it as you're partially outside."
But every partner -- including the village of Schaumburg's development of the park -- is playing a role in achieving the ambitions of the project, Burk said.
"We really can't overstate the early commitment of a Boler, for instance," he said. "They're a global company."
D.R. Horton already is marketing its row home units and the first buildings should be visible by the end of the year, Burk said. Meanwhile, Florida-based Harbor Retirement Development is shoring up the financing for its planned four-story, 110-unit assisted-living and memory-care facility.
Master developer UrbanStreet Group has offices in Motorola's former credit union and welcome center on the property. But those buildings are expected to be taken over by the village of Schaumburg in a few years, after an assessment of what kind of municipal and public safety services may be needed there.
On Tuesday, the village board will consider approval of a number of monument signs on the Veridian Development branding its new identity.
In making their recommendation of the signs, village zoning board members suggested the largest ones along the I-90 tollway could be even larger to catch the eye of quickly passing motorists. They said it's time for the property to be known as Veridian rather than as the former Motorola site.