A rendering of The District at Veridian, a mixed-use development of more than a million square feet of retail, restaurant, residential and office space on 30 acres along Meacham Road in Schaumburg.
Courtesy of village of Schaumburg/2023
Schaumburg officials have committed $47 million to help fund construction of a new mixed-used development at the eastern end of the former Motorola campus.
The funds represent about a quarter of the total $195 million price tag for the planned 30-acre “Main Street”-style development known as The District at Veridian.
Mayor Tom Dailly said the public funding from a tax increment financing (TIF) district acknowledges the role such village amenities as streets and utilities will play.
Bob Burk, managing partner of the site’s master developer UrbanStreet Group LLC, said a number of commercial tenants for the project would soon be announced.
Looking southwest from the corner of Algonquin and Meacham roads where the 30-acre future site has been prepared for construction of the mixed-use, “Main Street”-style development known as The District at Veridian in Schaumburg.
John Starks, Daily Herald/2024
“We are excited to continue and expand our partnership with the village of Schaumburg, and we are breaking ground as we speak,” Burk added.
The first of the four phases of the long-anticipated project will bring 65,000 square feet of retail space, including a grocery store, and more than 300 high-end apartments to the southwest corner of Algonquin and Meacham roads.
When completed, The District is expected to include about 178,000 square feet of retail space, 91,000 square feet of restaurant space, 608,000 square feet of residential space and nearly four acres of open space, according to Schaumburg officials.
A nine-story building with 321 apartments and 55,457 square feet of retail and restaurant space on the ground floor was approved by Schaumburg trustees in February as the main component of the first of four blocks in The District at Veridian development on the former Motorola campus at the southwest corner of Algonquin and Meacham roads.
Rendering courtesy of village of Schaumburg
Plans call for 528 surface parking spaces and more than 2,500 spaces within four garages.
Payment of the $47 million has been arranged through two phases. The first phase of $28 million will be paid in monthly installments with the final one to follow the issuing of an occupancy permit for a mixed-use building including a parking garage.
The second phase of $19 million will commence when building permits are issued for the mixed-use building and the grocery store.
A site plan of The District at Veridian at the eastern end of the 225-acre Veridian Development in Schaumburg.
Courtesy of village of Schaumburg/2024
The total size of the Veridian development is 225 acres, and the new funding agreement for The District isn’t unprecedented. By 2020, the developer had already received $31.7 million in TIF funding as reimbursement for the first $125 million of redevelopment further west, village officials said.
There, Veridian already features Topgolf, the Northgate at Veridian townhouses, the 260-unit Element at Veridian apartment building, the eight-story global headquarters of The Boler Co., and a 12-acre urban-style park.
A rendering of the five-story parking garage to accompany the initial nine-story apartment and retail building in The District at Veridian in Schaumburg.
Courtesy of village of Schaumburg
A TIF district works by freezing the amount of property taxes local governments receive at the level of the first year. As property is improved and taxes rise, the additional revenue goes to a municipally held fund to pay for eligible public improvements for up to 23 years.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
