The redevelopment of the $100 million Buffalo Grove Town Center near Lake-Cook and McHenry Roads could receive funding from a newly created tax increment financing district.
An article in the Daily Herald stated that the principal of the Oak Brook based Kensington Development Partners, John Schoditsch, discussed his revamped plans at a meeting with the village board. They have been developing about 60 projects and about 9 million square feet of mixed-use retail in suburban Chicago and the Midwest. Recent projects include the Schaumburg Corners shopping center in Schaumburg and Mariano's stores in all their locations.
"We have always kind of targeted this intersection for redevelopment. If you're in the industry for a while and you see the existing conditions, with the unbelievable demographics of Buffalo Grove, the school district, the different retail corridors, traffic - it just lends itself to a very nice redevelopment."
Principle of Kensington Development Partners | John Schoditsch
Kensington is proposing the following:
- Mixed-use development consisting of 20 acres
- Several restaurants
- Retail buildings
- 30,000 to 50,000 square foot retail structure
- 4-5 story primarily residential building with parking deck and commercial and office uses on the first floor
- Site for community gatherings and other special events
Work will not begin for probably another year and Kensington is working with the existing Town Center businesses to include them in the project.
This project is still in its preliminary phases and the plan will still need to go to the planning and zoning commission which will hold a public hearing.
The Village of Buffalo Grove stated that Kensington's total investment and project costs are estimated to exceed $100 million and would implement the 2018 Lake Cook Corridor Plan which prioritizes the redevelopment on Town Center in Stage 1.
According to Daily Herald Business Ledger, the Buffalo Grove trustees voted on July 20th in favor of a new tax increment financing district they hope will boost economic development efforts in the Lake-Cook Road corridor.
They also agreed to a resolution allowing Kensington Development to receive reimbursement for eligible expenses. Those expenses include public infrastructure, land assembly and financing costs.
The TIF district will set in motion the village's 2018 corridor market study and plan. Town Center, at McHenry and Lake-Cook roads and the Chase Plaza at the western end of the corridor are key elements of the plan.
The redevelopment project area includes most of the land in the Lake-Cook corridor. This consists of 330 acres bounded by Arlington Heights Road to the west, McHenry Road to the east, Old Checker Road to the north and Lake-Cook Road to the south. It also includes 109 tax parcels and 38 buildings.
The area right now qualifies as a blighted area based on factors such as a lack of growth in property values and excessive vacancies.
The TIF district's estimated limit of development costs will be $96 million over the next 23 years according to SB Friedman Development Advisors.
DataBid is currently reporting on this project - Town Center Redevelopment - Buffalo Grove (0036072020)
Posted by Judy Lamelza