Schaumburg OKs new Schwab branch at 'premier corner' near Woodfield after heavy debate

  • A rendering of the approved Charles Schwab office building that will replace the Bar Louie restaurant at the southeast corner of Golf and Meacham roads in Schaumburg, as observed from the southwest.

    A rendering of the approved Charles Schwab office building that will replace the Bar Louie restaurant at the southeast corner of Golf and Meacham roads in Schaumburg, as observed from the southwest. Courtesy of village of Schaumburg

  • A rendering of the approved Charles Schwab office branch that will replace the Bar Louie restaurant at the southeast corner of Golf and Meacham roads in Schaumburg, as observed from the northeast.

    A rendering of the approved Charles Schwab office branch that will replace the Bar Louie restaurant at the southeast corner of Golf and Meacham roads in Schaumburg, as observed from the northeast. Courtesy of village of Schaumburg

  • The former Bar Louie restaurant at the southeast corner of Golf and Meacham roads in Schaumburg will soon be demolished to make way for the construction of a newly approved Charles Schwab office.

      The former Bar Louie restaurant at the southeast corner of Golf and Meacham roads in Schaumburg will soon be demolished to make way for the construction of a newly approved Charles Schwab office. Eric Peterson | Staff Photographer, 2017

 
 
Updated 2/10/2021 4:50 PM

Schaumburg village board members Tuesday thoroughly debated whether a Charles Schwab financial services branch is appropriate for a traditionally restaurant-heavy corner near Woodfield Mall, before ultimately approving it by a 4-2 vote.

Trustees George Dunham and Mark Madej kicked off the conversation by questioning whether Schwab needed the high visibility of the southeast corner of Golf and Meacham roads as much as a restaurant might.

 

"This is a premier corner in the village of Schaumburg," Dunham said. "Granted that it's had a couple of restaurants that haven't made it, and I think part of that is due to perhaps bad choices on the part of those restaurant operators. ... But that doesn't make it a bad restaurant corner."

A financial institution won't generate the same tax revenue for the village that a well-located restaurant would, Madej said.

"It just reminds me of a building like a bank, and it's not going to do us any good whatsoever," he said. "I just see it as a real poor type of business for that prime corner."

But Trustee Marge Connelly pointed out that even before a rezoning last summer to broaden the options for the 3.7-acre site, office uses were permitted.

"Can we say no to something that fully meets our zoning code just because we don't think we like it?" she asked.

With Trustee Frank Kozak absent, Mayor Tom Dailly had to weigh in to provide the fourth vote needed for approval.

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While acknowledging his philosophical agreement with Dunham and Madej, Dailly said he believes one of the problems the three restaurants that operated on the corner have had was the heavy demand for their shared parking lot. The need for less parking at the Charles Schwab building might alleviate that.

"I think this meets our code and I think it helps out in a parking situation," Dailly said. "So while on the initial blush of it I agree with Trustee Dunham and Trustee Madej, I think this meets our code and we should go ahead and do it."

The 8,000-square-foot former Bar Louie restaurant on the site is expected to be demolished soon to make way for construction of the 7,000-square-foot Charles Schwab building.

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