Andretti Indoor Karting planning to buy Schaumburg site for $6 million, open in 2024
Andretti Indoor Karting & Games is preparing to pay the village of Schaumburg $6 million to purchase a site west of the Schaumburg Convention Center and Renaissance Hotel, where the Orlando-based company would begin anchoring the first phase of a new entertainment district in 2024.
Schaumburg trustees are scheduled to vote Jan. 10 on the approval of the purchase and sales agreement that's already been recommended by the village finance committee.
A time frame would then begin leading up to approval of a roughly $20 million, 80,000-square-foot building that would include a multilevel karting track, arcade, two-level laser tag arena, bowling, virtual reality attractions, a full restaurant and bar, and 10,000 square feet of event space.
Andretti Karting would be part of an 8-acre first phase of the envisioned entertainment district that also would include another entertainment venue, another restaurant, and a 900-space parking deck with an elevated walkway connecting it to the Renaissance Hotel on property long reserved for a performing arts center.
The fully built entertainment district is planned to be 23 acres stretching north of the convention center and hotel. Demolition is imminent for the 110,000-square-foot single-story office complex that lies on part of it.
Earlier this year, representatives of Andretti Karting projected a million visitors a year for the company's first Midwest location, which will employ about 350 people.
They added the company fared well even during the pandemic, reaching an all-time high of $100 million in revenues during 2021.
Based on a projection of $16 million in annual sales at Andretti Karting alone, the village would receive about $955,000 per year in amusement, sales, and food and beverage taxes.
Public improvements accompanying the massive redevelopment occurring near the intersection of Algonquin and Meacham roads in the village are being funded through a tax-increment financing district, which collects a share of the area's property taxes.
Even on its own, Andretti Karting is projected to generate $12.5 million in property taxes for improvements within the TIF district.
The estimated $17.9 million construction of the parking garage for the entertainment district would be among the projects funded through the TIF district.