$100M Redevelopment: Village Announces Big Plans For Town Center

BUFFALO GROVE, IL — The northwest corner of Lake Cook Road and Route 83 will soon look a bit different. The Village of Buffalo Grove announced Thursday that Kensington Development Partners, with the support of proposed tax increment financing, has entered into a contract to acquire and redevelop Town Center at a projected cost of more than $100 million. The goal of the project, according to the Village, is to redevelop the approximately 20-acre property into a new, mixed-use development, to be anchored by retail, restaurants, and multi-family residential.

The proposed project would implement the vision which was established through the Village’s 2018 Lake Cook Corridor Plan, according to officials.

"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," the Village said in a press release.

According to the Village, Kensington representatives stated the firm was attracted to Town Center due to 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 TIF 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.

Last month, a public hearing was virtually held for the proposed 2020 Buffalo Grove Lake Cook Road TIF District. The public hearing was an opportunity to present the TIF District Eligibility Study and Redevelopment Plan and Project Report and collect feedback from the public. The Village Board did not take any action on the TIF at the public hearing.

The Village Board is scheduled to vote on the proposed TIF at the July 20 Board Meeting. The meeting's agenda and materials can be found here.

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