Buffalo Grove announces $100M Town Center redevelopment
Buffalo Grove officials Thursday announced plans for a $100 million redevelopment of the Town Center shopping center with a mix of retail, restaurants and multifamily housing.
Kensington Development Partners has entered into a contract to acquire the center, built at Lake-Cook and McHenry roads with the support of tax increment financing and envisioned as the village's downtown.
No village money will be directly invested in the redevelopment, officials said. However, funds from a proposed Lake-Cook Corridor TIF could be used.
“The village is committed to improving quality of life for its diverse residents through the redevelopment of sites like Town Center,” Village Manager Dane Bragg said in Thursday's announcement. “Our in-depth study of the Lake Cook Corridor found that the market supports new retail, office and residential developments. The Lake Cook Corridor Plan, combined with tax increment financing, lays the foundation for exciting new projects to occur which would have been otherwise unattainable.”
The announcement comes before Monday's village board meeting, at which trustees will discuss and possibly vote on the proposed TIF. The district would encompass a 472-acre area bounded by Arlington Heights Road, Lake-Cook Road, McHenry Road and Checker Drive.
In a TIF district, property taxes generated in that area for local governments would be frozen at their current amounts for 23 years. Any additional taxes generated by rising property values then would go into a special village account to pay for improvements within the district.
Besides Town Center, the TIF area includes Chase Plaza, also targeted by the village for redevelopment.
Deputy Village Manager Christopher Stilling said the TIF will have a budget of up to $96 million.
John Schoditsch, a principal at Kensington, said the company has been eyeing Buffalo Grove for some time.
“The village's commitment to implementing a shared vision, as well as its proactive approach to consider a TIF district, were instrumental in our team moving forward with our proposal,” he said.