Schaumburg trustees open to $90 million apartment building near Woodfield
Schaumburg trustees Tuesday expressed an openness to a $90 million plan to construct a four-story apartment building atop a three-story parking structure attached to the north side of the Hyatt Regency on Golf Road that would bring an influx of residents to the commercial district around Woodfield Mall.
While some also advocated caution before such a major change, they agreed with the property owner's argument that building a more local clientele for the Woodfield area could combat the loss of more distant consumers in recent decades.
The proposal by landowner First Equity Group LLC would include 208 apartments, a net increase of more than 300 parking spaces on the north side of the Hyatt Regency Schaumburg, and an expansion of the hotel's banquet and meeting space.
Tim Gallagher, representing the firm, assured trustees that no tax incentive was being sought and that the expected 18-month construction project could be ready to begin in either the final quarter of 2021 or the first quarter of 2022.
Trustee Marge Connelly said she found it hard to oppose anything about the idea but told Gallagher he had only three months left to get her "yes" vote on a formal proposal before she leaves the board.
Trustee Frank Kozak said he accepted that such change was likely inevitable to keep the area vibrant, but he worried the project would attract a significant number of families with children to an area that lacks parks and schools.
Other representatives of the project suggested that the building was designed more for singles, couples without children, and empty-nesters. But Connelly cautioned against too strong a belief in that outcome.
Trustee Brian Bieschke said such a residential building was bound to inspire similar proposals in the area. He recommended the village carefully prepare its zoning code to anticipate more and consider their combined impact.
Gallagher suggested the Hyatt Regency site was the perfect place to use as an experiment.
"What I like about this site is it's dead real estate anyway," Gallagher said. "It's a parking lot. It's obsolete but for this development."
The estimated rent for a one-bedroom unit would be $1,700 to $1,800 a month.