Plans tweaked for Holiday Inn Express, but Schaumburg says no building permit yet
Schaumburg trustees have approved minor changes to a previously approved Holiday Inn Express on Martingale Road, but despite some preliminary site work, the long-delayed project has yet to demonstrate the financing required to receive its building permit, village officials said.
The 5.3-acre site at 40 N. Martingale Road is just south of the Chicago Marriott Schaumburg and envisioned to ultimately contain both the 87-room Holiday Inn Express and a 95-room, full-service Holiday Inn next door.
Trustees have extended the project's original 2017 building permit rates to April 28, 2021, for the Holiday Inn Express and to April 28, 2023, for the Holiday Inn.
The most significant of the newly approved changes include the replacement of an indoor pool with an outdoor pool and patio, and construction of conference rooms where the indoor pool was originally planned.
Other building changes involve modifications to some windows as well as the elevator tower on the roof.
Developer Equityroots Holdings LLC initially received approval to build both hotels simultaneously. But in 2019, village officials revised that to allow one hotel to be built first to help generate revenue for the other.
However, a condition of the Cook County Class 7C tax incentive the project received is that both buildings must be operational before it takes effect. The tax break also makes issuing a building permit dependent on evidence of the project's financing.
The five-year tax break allows for a reduced assessment to keep approved commercial enterprises competitive in Cook County.
While such properties are normally assessed at 25% of market value, the 7C incentive would reduce the assessment to 10% for the first three years, 15% in the fourth year and 20% in the fifth year before then returning to normal.