Indoor karting, arcade venue to anchor first part of Schaumburg leisure district

The primary Midwest location of Orlando-based Andretti Indoor Karting & Video games is proposed to anchor the primary part of a brand new leisure district in Schaumburg on the west facet of the village’s Renaissance Resort and conference heart.

Different parts would come with one other leisure venue, a restaurant and a 900-space parking deck with an elevated walkway connecting it to the Renaissance on property lengthy reserved for a performing arts heart.

Schaumburg officers are closing in on an settlement endorsed by the village’s common authorities committee Monday to pay Oak Brook-based Kensington Growth Companions $23.7 million to develop the primary 8-acre part of what is envisioned to finally be a 23-acre leisure district on the east facet of Meacham Street north of the I-90 tollway.

Andretti Indoor Karting & Video games would pay the village $6 million for its personal development-ready web site the place it plans to speculate one other $20 million in an 80,000-square-foot facility, together with a racetrack, arcade and different facilities. The corporate has areas in Florida, Georgia and Texas.

The pending settlement with Kensington would give it a two-year choice to solely market and buy the remaining two parcels within the leisure district’s first part. Officers consider the Andretti facility will generate curiosity in these websites.

“We’d like an icebreaker, and I believe that is the icebreaker for that space over there,” Schaumburg Trustee Frank Kozak stated of the Andretti venue Monday.


        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

 

Building of the parking storage itself is estimated at $17.9 million, although the extra price of the pedestrian bridge to the Renaissance foyer has but to be decided.

The village’s consultants at SB Friedman Growth Advisors projected that Andretti Indoor Karting & Video games alone may contribute $12.5 million to the tax-increment financing district serving to fund public enhancements related to the redevelopment on either side of Meacham Street alongside Algonquin Street.

The parking storage, for instance, will likely be funded solely by the TIF district that reserves an increment of its properties’ annual actual property taxes for such enhancements.

The Andretti facility can be estimated to generate about $955,000 per yr in shopper taxes for the village, based mostly on an expectation of $16 million in annual gross sales.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

 

Plans for part one of many leisure district do not deal with the north facet of Thoreau Drive, the place the village expects to demolish the single-story, 110,000-square-foot Woodfield Inexperienced Govt Centre within the fall.

“There’s super alternative to do extra phases right here,” Schaumburg Financial Growth Director Matt Frank stated.

That features a attainable relocation of the performing arts heart lengthy envisioned as a part of the conference heart campus, he stated.

The total village board will vote on the settlement with Kensington subsequent Tuesday.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

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