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Woodfield Green Executive Centre Property to be Re-Developed as New Entertainment District Just North of Renaissance Hotel

Schaumburg trustees Tuesday approved a $6.58 million offer to buy both single-story office buildings just north of the convention center and Renaissance Hotel to help develop a new entertainment district in a Schaumburg TIF district. The new entertainment district would involve reconfiguration of Thoreau Drive that would decrease the curve on Thoreau Drive.

The 110,000-square-foot Woodfield Green Executive Centre is located near the southeast corner of Meacham Road and Algonquin Road on the north side of Thoreau Drive and just across Meacham Road from Zurich North America's new headquarters. To the north of the single-story office buildings is an Embassy Suites Hotel and two multi-story office buildings, including the American Veterinary Medical Association.

Schaumburg officials became aware only weeks ago of an opportunity to make an offer on the 8.75-acre site they had long considered underused, Village Manager Brian Townsend said. Village officials aim to close on the purchase by Dec. 31.

The long-term plan is to hold the 8.75-acre property to sell to one or more developers interested in building more restaurant and other entertainment venues near the southeast corner of Meacham and Algonquin roads.

No new leases or lease renewals will be approved in the Woodfield Green Executive Centre, and the expiration dates of the current leases ranging from 2018 to 2030 are likely to be negotiated to end early.

Leases could even face condemnation proceedings if agreements cannot be reached, according to Village Manager Brian Townsend.

See a list of all stores at Woodfield Mall at Woodfieldshops.com Woodfield Mall Shopping Directory.

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