BUFFALO GROVE – The village of Buffalo Grove announced that Kensington Development Partners has entered into a contract to acquire and redevelop Town Center, located at the northwest corner of Lake Cook Road and Route 83.
The goal of the project is to redevelop the about 20-acre property into a mixed-use development to be anchored by retail, restaurants and multifamily residential. Kensington’s total investment and project costs are estimated to exceed $100 million.
The proposed project would implement the vision that was established in the village’s 2018 Lake Cook Corridor Plan. The plan prioritizes the redevelopment of Town Center in Stage 1 due to its design and layout not being favorable for today’s commercial tenants.
Kensington representatives have stated the firm was attracted to Town Center for a variety of reasons, including its location in a strong community, the plan’s bold vision and the village’s willingness to consider economic development tools such as a tax increment financing district in the corridor.
“We have been working toward developing a mixed-use project in 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,” said John Schoditsch, principal at Kensington.
In early 2020, the village engaged the services of SB Freidman to prepare a TIF District Eligibility Study to determine whether a TIF could be used as an economic development tool for implementation of the Lake Cook Corridor Plan. The study concluded the area does meet all the necessary requirements to be eligible for a TIF District.
“The village is committed to improving quality of life for its diverse residents through the redevelopment of sites like Town Center. Our in-depth study of the Lake Cook Corridor found that the market supports new retail, office and residential developments,” Village Manager Dane Bragg said. “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.”
Bragg said many of the key sites identified in Stage 1 face several challenges and would not likely be redeveloped if not for a TIF District.
If the TIF is approved, the Village Board also will consider an inducement resolution with Kensington. The resolution would allow the firm to be reimbursed for TIF-eligible expenses should a project and redevelopment agreement be approved by the board at a later date. The project is still in its early planning phases. More information and details will be forthcoming.
To learn more about the proposed Lake Cook Road TIF District, visit //vbg.org/TIF.
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